LME nickel price keeps soaring on Jun 2
3 Jun 2020 13:31 reported by Joy Liu
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$227/ton yesterday (June 2nd), closing at US$12,853/ton, which has risen for four consecutive trading days. The spot price also soared by US$230/ton to US$12,787.5/ton.
Meanwhile, LME’s market inventory of nickel decreased by 684 tons, reaching 232,812 tons. The cumulative decrease in June was 366 tons.
According to market participants, due to Tsingshan’s high market prices, China’s steady spot prices of stainless steel, and the recovery of China’s economy to boost market demand, the nickel price was expected to remain stable with little fluctuations in the short term.
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