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LME nickel price keeps climbing on May 6

7 May 2021 14:29 reported by Joy Liu

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Nickel prices kept increasing yesterday (May 6). The futures price of nickel on the London Metal Exchange (LME) rose by US$41/ton yesterday, closing at US$17,937/ton, and the spot price also hiked by US$39.75/ton to US$17,912.25/ton.

The current average nickel price of this month has reached US$17,809/ton so far, higher than the US$16,507/ton in April.

Meanwhile, LME’s market inventory of nickel continued sliding by 720 tons to 260,508 tons. The cumulative decrease in May has reached 816 tons so far.

According to market participants, nickel prices kept climbing as the US dollar continued weakening, China’s tight pure nickel inventory triggered supply concerns, and demand for nickel was optimistic.

Therefore, in the short term, nickel prices were expected to keep stable.

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