LME nickel price maintains high at $22,000/ton level
Time:Wed, 19 Jan 2022 08:46:46 +0800
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The three-month futures price of nickel on the London Metal Exchange (LME) slightly hiked by US$10/ton yesterday (January 18), closing at US$22,073/ton, while the spot price dropped by US$115/ton, reaching US$22,443/ton.
The current monthly average nickel price is US$21,682/ton, higher than the US$20,015.5/ton in the previous month.
Meanwhile, LME’s market inventory of nickel has dropped for 54 days in a row, down by 2,166 tons yesterday, reaching 94,872 tons. The decrease in January has amounted to 7,014 tons.
According to market participants, the continuous dropping nickel inventory and the growing demand for electric vehicles have caused nickel prices to stabilize. The nickel price was expected to be turbulent in the short term.
