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LME nickel price drops on Sep 15 due to China’s inactive purchasing

16 Sep 2020 13:52 reported by Joy Liu

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The three-month futures price of nickel on the London Metal Exchange (LME) dropped by US$76/ton yesterday (September 15), closing at US$15,198/ton. The spot price also fell by US$79.75/ton to US$15,147/ton.

The average nickel price this month reached US$15,042/ton so far, higher than US$14,567/ton in the previous month.

Meanwhile, LME’s market inventory of nickel rebounded by 180 tons to 237,180 tons.

According to market participants, nickel prices slid due to the inactive purchasing of China’s mills who just bought according to real needs. However, China’s stainless steel mills didn’t reduce their scheduled production. Therefore, the future nickel price was expected to keep stable unless it was affected by macro factors.

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