Nickel futures at LME rebound on Nov 18
Time:Tue, 19 Nov 2024 09:31:57 +0800
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Nickel futures price at the London Metal Exchange (LME) slightly hiked by US$189/ton and closed at US$15,729/ton on November 18. At the same time, the nickel spot price also went up by US$194/ton to US$15,486/ton. The nickel inventory at LME reversed to hike by 4,722 tons to 159,146 tons.
Refined nickel inventories have risen sharply, but the US dollar index has fallen for two consecutive days. This, coupled with previous lower nickel prices, has encouraged downstream buyers to enter the market, spurring a rebound in nickel prices. However, the nickel market continues to face a supply surplus and weak demand. The nickel prices are likely to remain volatile in the short term.
