US dollar weakness causes LME's nickel futures to increase on May 9
Time:Fri, 10 May 2024 09:39:20 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$148/ton and closed at US$19,033/ton on May 9. Meanwhile, the nickel spot price also went up by US$163.8/ton to US$18,860/ton. The nickel inventory at LME increased by 132 tons to 80,004 tons.
The weakness in the US job market is seen as a sign that consumers are starting to slow down spending, which will lead to cooling inflation, and the US dollar index is weakened, driving nickel prices. However, LME's nickel inventories are increasing, and China's refined nickel production continues to grow. The market expects that short-term nickel prices may fluctuate.
