LME nickel price slightly increases in Q1
Time:Tue, 02 Apr 2024 07:48:53 +0800
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In the first quarter, the London Metal Exchange (LME) nickel price totally increased by US$146/ton, slightly growing by 0.88%. Meanwhile, the total increase in nickel inventory at LME was 13,092 tons, soaring by 20.4%.
The market participant pointed out that the steel market in China resumed slowly, and the nickel supply exceeded demand. Plus, the US Personal Consumption Expenditure Price Index (PCE) stayed at a high level. The chance of an interest rate cut was little before June in the short term. As a result, the nickel price was forecasted to keep fluctuating on the low side.
