Nickel price rebounds to $28,300/ton level
Time:Thu, 15 Dec 2022 06:34:34 +0800
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The London Metal Exchange (LME) nickel price on December 14 slightly increased by US$78/ton and closed at US$28,365/ton. Meanwhile, the nickel spot price went up by US$136/ton to US$28,143/ton.
At the same time, the nickel inventory at LME increased by 456 tons to 53,334 tons.
In December, the accumulated increase in nickel prices totaled US$1,378/ton, an increase of 5.1%. Meanwhile, the monthly average nickel price was US$28,925/ton, increasing by 13.1% compared to the average price in November.
Market participants indicated that the US Federal Reserve (Fed) lifted the interest rate by 50 basis points, and there will be probably more rate hikes in 2023. However, the US dollar weakened after significantly appreciating. Meanwhile, the procurement from downstream buyers slightly improved, but the overall demand was still low. As a result, nickel prices might fluctuate on the low side in the short term.
