LME nickel price rises back on Nov 10
Time:Thu, 11 Nov 2021 09:30:00 +0800
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The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$353/ton yesterday (November 10), closing at US$19,754/ton, and the highest intraday hit US$19,820/ton. The spot price also rose a lot by US$378/ton, reaching US$19,880/ton. The current nickel price reaches a new high this month.
The current average nickel price is US$19,574/ton, higher than the US$19,362/ton in the previous month.
Meanwhile, LME’s market inventory of nickel has dropped for nine days in a row, down by 1,170 tons yesterday, reaching 133,002 tons, the lowest since October 2019. The decrease in November has amounted to 10,020 tons so far.
According to market participants, Shanghai nickel prices kept in a strong pattern. Due to the gradual easing of power curtailment for stainless steel production in China, the stock of refined nickel dropped a lot despite limited production resumption. Coupled with the rainy season in the Philippines, the future nickel price was expected to be in a stable trend.
