LME’s nickel price hikes on Nov 2
Time:Thu, 03 Nov 2022 08:40:05 +0800
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On November 2, nickel future price at the London Metal Exchange (LME) hiked by over US$500/ton to above US$24,000/ton. The nickel spot price increased by US$549/ton and closed at US$24,063/ton. The average nickel price in November was US$23,789/ton, rising by 7.9% month on month. The increasing price was because the nickel inventory was low, and Indonesia considered imposing the ferronickel export duty.
Meanwhile, the nickel inventory at LME decreased by 438 tons to 51,588 tons. In terms of nickel supply, the supply pressure this year was less than last year. However, the nickel inventory was still at a low level. As a result, nickel prices might fluctuate in the short term.
