LME nickel price rebounds greatly on Aug 10
Time:Wed, 11 Aug 2021 09:20:11 +0800
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The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$332/ton yesterday (August 10), closing at US$18,952/ton. The spot price also surged by US$331.5/ton, reaching US$18,927/ton.
The current average nickel price of this month is US$19,187/ton, higher than the US$18,818.5/ton in the previous month.
LME’s market inventory of nickel continued decreasing, greatly down by 2,004 tons to 205,632 tons.
According to market participants, the passage of the US' infrastructure bill by the Senate was expected to boost demand. Meanwhile, the purchase from China’s downstream became stronger after nickel prices dropped. Besides, the continuous decline in market inventory led to a sharp rebound in nickel prices. It was expected that nickel prices will keep strong in the short term.
