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LME nickel price keeps stable on Jun 30

1 Jul 2020 13:18 reported by Joy Liu

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After a surge of more than US$100/ton in the previous day, the three-month futures price of nickel on the London Metal Exchange (LME) kept stable yesterday (June 30), slightly down by US$1/ton to US$12,805/ton. The spot price also slightly dropped by US$0.5/ton to US$12,757.5/ton.

Meanwhile, LME’s market inventory of nickel increased 240 tons, reaching 233,898 tons. The cumulative increase in June was 720 tons.

According to market participants, the US Treasury yield was mostly rising and China’s manufacturing Purchasing Managers' Index (PMI) was up by 0.3 points to 50.9 points in June, despite China’s lower stainless steel futures, nickel prices remained stable, and it was also expected to fluctuate in the short term.

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