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LME nickel price approaching $18,000/ton level

12 May 2021 14:55 reported by Joy Liu

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The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$174/ton yesterday (May 11), closing at US$17,936/ton, and the spot price also rose greatly by US$167.75/ton to US$17,905.75/ton.

The current average nickel price of this month has reached US$17,854/ton so far, higher than the US$16,507/ton in April.

Meanwhile, LME’s market inventory of nickel continued falling by 774 tons to 258,270 tons. The cumulative decrease in May has reached 3,774 tons so far.

According to market participants, nickel prices kept rebounding as the US dollar continued weakening, China’s stainless steel prices were rising, and China's producer price index (PPI) hiked by 6.8% in April year on year, better than market expectations. In the short term, nickel prices were expected to move with small fluctuations.

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