LME nickel price increases by $28/ton on Mar 8, market expected to fluctuate on high side
Time:Mon, 11 Mar 2024 09:14:00 +0800
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The London Metal Exchange (LME) nickel price increased by US$28/ton and closed at US$18,011/ton on March 8. Meanwhile, the nickel spot price went up by US$35/ton to US$17,803/ton. At the same time, the nickel inventory at LME decreased by 114 tons to 73,590 tons.
The increase in the US unemployment rate was conducive to making the FED cut interest rates early. Also, the US Dollar Index hit a record low in the past six weeks. Meanwhile, the LME’s nickel inventory kept decreasing. These factors drove nickel prices. The market participants forecasted that the nickel price might still fluctuate on the high side in the short term.
