LME nickel price slightly rises on Jul 20
The three-month futures price of nickel on the London Metal Exchange (LME) slightly rose by US$16/ton yesterday (July 20), closing at US$13,236/ton. The spot price also hiked by US$14/ton to US$13,194/ton.
Meanwhile, LME’s market inventory of nickel decreased by 48 tons, reaching 234,690 tons. The cumulative increase in July was 792 tons.
According to market participants, nickel prices became stable due to new developments in the COVID-19 vaccine and an optimistic outlook of the global economy. It was expected that the short-term nickel price will still be affected by macro factors.
