LME nickel price rises on bullish macro expectations
The LME nickel futures hiked by US$64 yesterday (July 3), closing at US$20,580/ton. The spot price also rose by US$60, reaching US$20,406/ton.
At the same time, the LME-monitored nickel inventory decreased by 54 tons, coming to 38,850 tons. The inventory increased by 1,068 tons in June.
China’s manufacturing purchasing managers' index (PMI) fell by 0.4 to 50.5 in June, but it stimulated the market's bullish expectations about macro policy. Besides, US gross domestic product (GDP) rose in the first quarter, and the core PCE in May was lower than expected, coupled with an increase in China’s new energy vehicle sales, the nickel price was driven up. In the short term, market participants said nickel prices will fluctuate slightly.
