LME nickel price keeps strong, supported by high demand
Time:Mon, 11 Apr 2022 07:32:22 +0800
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The LME nickel futures have risen for five consecutive trading days, which hiked by US$231/ton yesterday (April 7), closing at US$33,698/ton. The spot price also rose by US$231, reaching US$33,700/ton.
The nickel price has climbed by US$1,591 in total this month, an increase of 5%. The cumulative increase this year has totaled US$12,941, a growth of 62.3%.
Meanwhile, LME’s market inventory of nickel hiked by 288 tons, coming to 74,190 tons. The increase in April has amounted to 1,620 tons.
According to market participants, logistics and warehousing in Shanghai have been stagnant since the epidemic broke out in China. The transaction in the spot market was not strong due to high nickel prices. However, the low level of global refined nickel inventory and the strong demand for new energy vehicles were still the main factors to keep nickel prices upward.
