China's steel reduction plan & LME's nickel inventories decrease drive nickel prices
On April 5, nickel futures price at the London Metal Exchange (LME) increased by US$93/ton and closed at US$17,804/ton. Meanwhile, the nickel spot price increased by US$94.5/ton to US$17,638/ton. At the same time, the nickel inventory at LME decreased by 144 tons to about 77,604 tons.
Although the increase in the US employed population in March was higher than expected, which might cause the FED's interest rate cut this year to be delayed, the US dollar hit a low, and its economy improved. Meanwhile, the cut production plan in China and the decrease of LME's nickel inventory drove the nickel prices. The market participants forecasted that the nickel prices will fluctuate on the high side in the short term.
