LME nickel price slightly rises on Feb 4
The three-month futures price of nickel on the London Metal Exchange (LME) slightly rose by US$1/ton yesterday (February 4), closing at US$17,646/ton, and the spot price also hiked by US$1.5/ton to US$17,601/ton.
Meanwhile, LME’s market inventory of nickel decreased by 48 tons to 249,030 tons. The cumulative increase in February was 144 tons.
According to market participants, nickel prices went down slightly due to continuously rising orders at US factories and rebounded stainless steel futures in China. However, because of lower demand in China during the Chinese New Year, it was expected that nickel prices will fluctuate slightly in the short term.
