LME nickel price slightly goes up on plunged inventory
The LME nickel futures hiked by US$30 yesterday (July 18), closing at US$21,084/ton. The spot price also rose by US$30, reaching US$20,840/ton. The nickel price has risen by US$568 so far this month, an increase of 2.8%.
At the same time, the LME-monitored nickel inventory decreased by 384 tons, coming to 36,924 tons. The inventory has decreased by 1,926 tons since July.
On account of a sharp decrease in the LME nickel inventory and the global historical-low refined nickel stock, the nickel price has been driven up. However, the output of refined nickel in China increased in June, Indonesia added two new nickel production lines, and China increased nickel imports from Russia, all of which will suppress the nickel price trend.
