Last Updated: 1/18/2024 10:58:00 PM
The threemonth futures price of nickel on the London Metal Exchange (LME) was up by US$70/ton to US$14,170/ton last Friday (December 13th), which has risen for 4 consecutive trading days. The highest in intraday sessions was US$14,270/tons, and the spot price also hiked by US$71.5/ton to US$14,113/ton. Meanwhile, LME’s market inventory of nickel kept increasing, up by 1,170 tons to 123,228 tons. The cumulative increase in December was 54,948 tons. According to market participants, the first phase of the trade agreement between the US and China was reached, so the nickel prices kept rising, while the demand for stainless steel in China was still not strong.