LME nickel price expected to be upheld by decline in refined nickel inventory
Time:Tue, 07 Sep 2021 09:22:40 +0800
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The three-month futures price of nickel on the London Metal Exchange (LME) dropped by US$135/ton yesterday (September 6), closing at US$19,654/ton. The spot price also fell by US$153.75/ton, reaching US$19,675.5/ton.
The current average nickel price of September is around US$19,592/ton, higher than the US$19,141/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 1,074 tons to 187,602 tons. The decrease in September has amounted to 6,864 tons so far.
According to market participants, after totally surging by more than US$400 in the past two days, the nickel price is at a high level. Due to the restriction of stainless steel production in China, Shanghai nickel has dropped, which led to a decrease in LME nickel price.
However, the global refined nickel inventory has declined for 19 consecutive weeks, which was expected to uphold the future market outlook of nickel prices.
