Nickel price on August 13 increased by 1.7% to $ 19,705 / ton, towards the third consecutive session of price increases. Meanwhile, the September nickel contract in Shanghai closed up 4.6% to 146,720 yuan.

Nickel prices hit a two-week high after US inflation data cooled speculation about the Fed’s easing of economic stimulus, while consumption was strong and inventories fell.
Nickel prices on the London Metal Exchange (LME) rose 1.7% to $19,705 a tonne, heading for a third consecutive session of gains.

Nickel prices rose 1.7% to $19,705 a tonne, heading for a third consecutive session of gains.

Meanwhile, the September nickel contract in Shanghai closed up 4.6% to 146,720 yuan ($22,667.16) a tonne.
Nickel demand for stainless steel production increased, while refining output in China, the world’s top producer, fell 15.7% year-on-year in the first seven months of the year and in July alone. down 13.5% compared to June.
LME nickel stocks fell to 149,388 tonnes, their lowest level since March 2020.
At the Shanghai exchange, nickel inventories were near a record low reached in June at 6,707 tonnes.

Macquarie expects the nickel market to be short of 100,000 tonnes this year due to increased Chinese demand and supply disruptions.
Prices of other metals also changed. London copper fell 0.3% to $9,480 a tonne, aluminum fell 0.6% to $2,573, zinc fell 1.6% to $2,996, lead fell 0.5% to $2,307, while the price of copper fell 0.5% to $2,307. tin fell 0.9% to $35,310.

Source: VITIC/Reuters

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