Nickel price rebounds, market inventory keeps decreasing
The three-month futures price of nickel from London Metal Exchange (LME) soared to US$13,325/ton on August 16th, up by US$475/ton. The spot price also surge by US$476.5/ton, settling at US$13,230/ton.
Meanwhile, LME’s market inventory of nickel has decreased for 17 consecutive trading days, which dropped by 780 tons to 247,548 tons. The cumulative decrease in August totaled 8,496 tons.
According to the market participants, the future trend of nickel prices was based on the development of the US-China trade war.
