Three-month nickel futures on the London Metal Exchange (LME) rose strongly yesterday (December 16) at $ 508 /t, to close at $ 19,624 /t, with the highest daily level at $ 19,690 /t. The spot price also increased by USD 576 per tonne, reaching USD 19,739 per tonne.
The current monthly average nickel price is US $ 19,922 per tonne, close to US $ 19,931 per tonne in the previous month.
Meanwhile, LME nickel stocks fell for 35 consecutive days, down 702 tonnes on December 16 to 106,296 tonnes. Decrease in December amounted to 8,068 tons.
Market participants said that despite weak market demand, nickel prices rose significantly due to a strong desire to buy from Chinese downstream buyers, increased deal volumes, stabilization of the stainless steel market in China, and limited supply.
Nickel price on LME rises strongly in December
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Azovpromstal® 17 December 2021 г. 11:35 |