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LME nickel price soars to 7-year high on Oct 20

21 Oct 2021 16:06 reported by Joy Liu

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The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$913/ton yesterday (October 20), closing at US$20,963/ton, and the highest intraday hit US$21,235/ton. Also, the spot price rose greatly by US$915.5/ton, reaching US$21,046/ton. The futures price hit a new high since May 2014.

Meanwhile, LME’s market inventory of nickel continued dropping, down by 354 tons to 143,502 tons. The decrease in October has amounted to 13,560 tons so far.

According to market participants, the US dollar continued to weaken, and Vale’s nickel production had a year-on-year decrease of 22% to 30,200 tons in the third quarter, coupled with its lower forecast of nickel output at 165,000-170,000 tons this year, thus pushing up the nickel prices.

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