Nickel price keeps rising
The three-month futures price of nickel from London Metal Exchange (LME) rose to US$13,850/ton on August 7th, up by US$165/ton, showing an upward trend for 3 consecutive trading days. The spot price also rose by US$169/ton, settling at US$13,763/ton.
Meanwhile, LME’s market inventory of nickel has decreased for 10 consecutive trading days, which slightly dropped by 372 tons to 251,468 tons. The cumulative decrease in August totaled 4,578 tons.
It was expected that the decrease in nickel market inventory would give a support to the future nickel price.
