LME nickel prices slightly increase on weaker US dollar
Time:Fri, 04 Aug 2023 09:12:49 +0800
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The LME nickel futures slightly rose by US$47 yesterday (August 3), closing at US$21,607/ton. The spot price increased by US$30, reaching US$21,369/ton. The average nickel price in August came to US$21,617, higher than that in the previous month.
At the same time, the LME-monitored nickel inventory decreased by 234 tons, coming to 36,972 tons. The cumulative reduction this month has reached 564 tons.
The US ADP employment data was strong, but the US dollar index started to slide from the four-week high. Coupled with the continuously falling inventory, nickel prices had a slight increase.
However, the supply of nickel is strong but the demand is weak, so market participants expected that the short-term nickel price should remain weak and volatile.
