LME nickel price slightly drops on Jan 25
The three-month futures price of nickel on the London Metal Exchange (LME) slightly dropped by US$19/ton yesterday (January 25), closing at US$18,250/ton, and the spot price also slid by US$19.3/ton to US$18,203.2/ton.
The average nickel price of this month has reached US$17,874/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel decreased by 522 tons to 248,844 tons. The cumulative increase of this month has reached 2,136 tons so far.
According to market participants, due to continuously rebounding US dollar and uncertainty of Biden's US$1.9 trillion stimulus package, nickel price has dropped slightly. However, the nickel price might remain stable in the short term as China’s stainless steel futures prices hiked and spot prices stabilized.
