The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$244/ton last Friday (June 26th), closing at US$12,684/ton. The spot price also soared by US$247/ton to US$12,641.5/ton.
Meanwhile, LME’s market inventory of nickel increased 384 tons, reaching 233,970 tons. The cumulative increase in June was 792 tons.
According to market participants, with not much stainless steel inventory in China and economic stimulus measures introduced by several countries, the nickel prices stopped falling and rebounded. It was expected that nickel prices will fluctuate in the short term.