LME nickel price rebounds on declined US dollar
The LME nickel futures rebounded greatly by US$730 yesterday (June 1), closing at US$21,318/ton. The spot price also surged by US$752, reaching US$21,185/ton.
At the same time, the LME-monitored nickel inventory decreased by 96 tons, coming to 37,686 tons. The inventory in the previous month fell by 2,136 tons in total.
The Federal Reserve is likely to skip interest rate hike in June, which made the dollar index fall sharply and hit the largest decline in nearly a month Besides, China’s macroeconomic stimulus measures are expected, and pure nickel inventory continues falling, all of which boosted nickel prices.
