Nickel prices surge on Dec 20 amid weaker dollar, increased China’s stainless steel prices, US’ PCE price index
Time:Mon, 23 Dec 2024 09:30:27 +0800
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The London Metal Exchange (LME) nickel futures price hiked by US$243/ton and closed at US$15,356/ton on December 20. Meanwhile, the nickel spot price also soared by US$252.5/ton to US$15,136/ton. The nickel inventory at LME went up by 198 tons to 1,614,360 tons.
Nickel prices rebounded, driven by a weaker US dollar index, rising stainless steel prices in China, the increase in the US Personal Consumption Expenditures (PCE) price index, and coupled with active purchasing by downstream industries. However, demand remains sluggish, and the market anticipates a potential period of volatility in the short term.
