Restocking demand before holiday & favorable policies make nickel prices rise
Time:Tue, 24 Sep 2024 09:24:47 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$34/ton and closed at US$16,544/ton on September 23. Meanwhile, the nickel spot price also went up by US$29/ton to US$16,303/ton. The nickel inventory at LME went up by 6 tons to 124,140 tons.
Despite a slight strengthening of the US dollar, China's restocking demand ahead of the National Day holiday boosted downstream procurement. Furthermore, Beijing's recent measures to optimize the housing market heightened expectations for favorable policies in the region. As a result, nickel prices continued to rise. However, overall market demand remained weak, leading to a build-up in LME nickel inventories. In the short term, the market is likely to experience volatility.
