LME's nickel prices back $18,000/MT on Oct 7
Time:Tue, 08 Oct 2024 09:42:24 +0800
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The London Metal Exchange (LME) nickel futures price increased by US$60/ton and closed at US$18,052/ton on October 7. At the same time, the nickel spot price also went up by US$50/ton to US$17,783/ton. The nickel inventory at LME decreased by 96 tons to 131,856 tons.
Despite the U.S. dollar holding at a seven-week high, China's stainless steel market showed strength ahead of the October 1st National Day holiday, boosting market expectations for post-holiday performance. Furthermore, LME nickel inventories reversed and declined, resulting in a slight uptick in nickel prices. Market analysts anticipated short-term fluctuations in nickel prices, likely influenced by China's stainless steel market.
