LME nickel price slightly rises on Jan 20
The three-month futures price of nickel on the London Metal Exchange (LME) slightly rose by US$7/ton yesterday (January 20), closing at US$18,222/ton, and the spot price also hiked by US$5.5/ton to US$18,171.5/ton.
The average nickel price of this month has reached US$17,785/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel increased by 636 tons to 249,726 tons. The cumulative increase of this month has reached 3,118 tons so far.
According to market participants, the US new president Biden will help push the renewable energy industry. Coupled with the weakening US dollar and continuously rising stainless steel prices in China, the short-term nickel prices were expected to keep steady.
