The price of nickel has reached a new peak since May 10, increasing for two consecutive trading days by a total of $1,965 or 9.5%.
The nickel inventory monitored by LME decreased by 588 tons to reach 37,116 tons. The stock has decreased by 666 tons this month.
The market confidence has been boosted by the reduction in interest rates at the current lending facility of the People's Bank of China and the suspension of interest rate hikes by the US Federal Reserve in June. Additionally, the decrease in LME nickel inventories has also contributed to the increase in nickel prices.
Comments
No comment yet.