The price of nickel on the London Metal Exchange (LME) rose for six trading days in a row. The price hit an 11-year high yesterday (February 21) closing at $24,400/t. The spot price also rose by $262/t to $24,871/t.
The price of nickel as a whole rose $1,093 last week, up 4.7%, a three-week consecutive advance. The price rose in six days, up 5.6% or $1,298.
The average monthly price of nickel this month reached $23,629 per ton, up from $22,355 per ton the previous month.
Meanwhile, LME nickel market inventories fell 54 tons yesterday to 83,274 tons. The decrease in February amounted to 7326 tons.
According to market participants, LME nickel inventories have fallen by 69% since April last year. Due to the optimistic prospects for new energy vehicles in China and the unresolved Russian-Ukrainian crisis, the market remains worried about supply disruptions. Therefore, it was expected that the price of nickel in the short term will remain.
Nickel prices on the LME continue to rise on fears of a Russian-Ukrainian crisis
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Azovpromstal® 22 February 2022 г. 16:50 |
