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LME nickel price continues rising on Jul 2

3 Jul 2020 11:24 reported by Joy Liu

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The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$100/ton yesterday (July 2), closing at US$12,947/ton. The spot price also hiked by US$101/ton to US$12,892/ton.

Meanwhile, LME’s market inventory of nickel increased 786 tons, reaching 234,312 tons. The cumulative increase in July was 414 tons.

According to market participants, with a recovery in the US’ employment data, increasing stainless steel futures, and a slight hike in stainless steel spot prices, nickel prices went up accordingly. It was expected that nickel prices will fluctuate steadily in the short term.

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