LME nickel price slightly hikes on Sep 24
Time:Mon, 27 Sep 2021 08:34:18 +0800
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The three-month futures price of nickel on the London Metal Exchange (LME) slightly hiked by US$36/ton last Friday (September 24), closing at US$19,387/ton. The spot price also rose by US$32.5/ton, reaching US$19,405.5/ton.
The current average nickel price of September is around US$19,577/ton, higher than the US$19,141/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued dropping, down by 576 tons to 164,034 tons. The decrease in September has amounted to 30,432 tons so far.
According to market participants, nickel prices continued rising due to tight transportation capacity, China’s tight resources of ferronickel, a decline in global refined nickel inventory for 21 consecutive weeks, as well as the improvement in demand for new energy. Therefore, nickel prices were expected to fluctuate in a stable pattern in the short term.
