Nickel price hits record high in nearly 1.5 months

LME nickel price on August 11 hiked by over US$1,100/ton to above US$23,600/ton. The nickel price hit a record high in the past one and half months.

The average nickel price in August was US$22,403/ton, growing by 4.3% from the previous month. Besides, the total decrease of LME nickel inventory in August was 1,518 tons.

Market participants forecasted the US inflation decrease, the US dollar depreciation, and low LME nickel inventory made nickel prices hike. However, because China’s demand for stainless steel was still low, the nickel would fluctuate in the short term.