LME's nickel futures increase on Jul 29; low stainless steel demand causes nickel prices to fluctuate in short term
Time:Tue, 30 Jul 2024 10:47:08 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$43/ton and closed at US$15,837/ton on July 29. Meanwhile, the nickel spot price also went up by US$25/ton to US$15,565/ton. The nickel inventory at LME kept flat at 104,388 tons.
Although the US dollar has strengthened, the price of ferronickel in China has surged over the CNY1,000 mark, providing support for nickel prices. Additionally, JinChuan nickel prices have increased, and other brands have also raised their quotes, attracting downstream buyers to make purchases, which has led to a slight rise in nickel prices once again.
However, the inventory levels of LME's nickel remain high, and demand from downstream stainless steel remains weak. Despite the support from the rise in ferronickel prices, the market expects that nickel prices may fluctuate in the short term.
