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LME nickel price rises back on Aug 16, stimulated by new energy vehicle demand

17 Aug 2022 15:37 reported by Joy Liu

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LME nickel futures rose back yesterday (August 16). The price closed at US$22,235/ton, an increase of US$222. The spot price also hiked by US$220 to US$22,157/ton.

The nickel price has risen by US$1,478 in total so far this year, with a hike of 7.1%. The monthly average nickel price this month reached US$22,391/ton, higher than the US$21,484/ton in the previous month.

Meanwhile, LME nickel inventory rose by 162 tons, reaching 56,346 tons. The cumulative decrease this month has totaled 1,458 tons.

According to market participants, the weakening US dollar and growing demand for new energy vehicles stimulated nickel prices to rise. However, due to the weak market demand in China and increasing ferronickel imports, making a market with oversupply, the nickel price was expected to keep in a weak pattern in the short term.

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