LME nickel price soars on Apr 18, boosted by improving economy in China
The LME nickel futures have risen for seven consecutive trading days, with a total increase of 12.9%. The price soared by US$932 yesterday (April 18), closing at US$25,633/ton. The spot price also rose by US$958, reaching US$25,593/ton.
The current average price of nickel in April is US$23,588/ton, higher than the US$23,289/ton in the previous month.
At the same time, the LME-monitored nickel inventory fell by 24 tons, coming to 41,466 tons. The inventory has decreased by 2,898 tons since this month.
China's GDP grew by 4.5% in the first quarter, better than market expectations. The US dollar index weakened, and the inventory of refined nickel is at a historically low level, driving nickel prices to continue to rise.
Market participants said that the short-term nickel price will fluctuate slightly amid the improving economy in China.
