The three-month futures price of nickel from London Metal Exchange (LME) soared by US$229/ton to US$12,149/ton on May 15th, and the highest in intraday sessions was US$12,165/tons. Besides, the spot price also surged by US$246/ton to US$12,158/ton.
Meanwhile, LME’s market inventory of nickel decreased again, which dropped significantly by 1,476 tons on May 15th, reaching 167,268 tons. The cumulative decrease in May was 6,270 tons.
According to market participants, although the US dollar was stronger now, the prices of basic metals got higher as the US would delay the imposition of tariffs on automobiles and components. The price of nickel has rebounded for 2 consecutive days, but the recent trend of nickel price will be still based on the further development of the US-China trade war.
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