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LME nickel price rebounds on Sep 14

15 Sep 2020 16:04 reported by Joy Liu

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The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$180/ton yesterday (September 14), closing at US$15,274/ton. The spot price also hiked by US$177.5/ton to US$15,226.75/ton.

The average nickel price in September reached US$15,032/ton so far, higher than US$14,567/ton in the previous month.

Meanwhile, LME’s market inventory of nickel decreased by 138 tons to 237,000 tons.

According to market participants, nickel prices kept rebounding due to the weakening US dollar, tight nickel supply, and regaining stainless steel prices in China. Therefore, the short-term nickel price was expected to remain steady.

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