LME’s nickel prices grow on Aug 6, hit monthly high

The London Metal Exchange (LME) nickel futures price hiked by US$109/ton and closed at US$16,385/ton on August 6, hitting the monthly high. Meanwhile, the nickel spot price also went up by US$111/ton to US$16,128/ton. The nickel inventory at LME kept flat at 110,106 tons. Despite the rise in the US Dollar Index, ferronickel prices in China surged significantly. In addition, the average ex-factory prices at China’s main mills climbed. Improved macro market sentiment and increased LME nickel inventory drove nickel prices up. However, due to weak fundamental demand, nickel prices may experience short-term fluctuations.