After hitting a five-month high, the London Metal Exchange (LME) 3-month nickel futures price fell $ 283 a tonne last Friday (July 30) to close at $ 19,552 a tonne. The spot price also decreased by USD 286 per tonne to USD 19,547 per tonne.
The average nickel price in July was USD 18,818.5 per tonne, which is clearly higher than USD 17,981 per tonne in the previous month.
Nickel prices on the LME rose by $ 1,338 in July, up 7.35% from the third month.
LME market nickel stocks continued to decline by 780 tonnes to 214,632 tonnes. The cumulative decline in July was 17,844 tons.
According to market participants, the US dollar rose again as inflation escalated in the United States, as well as concerns about the impact of the COVID-19 epidemic on the economy, and nickel prices fell accordingly.
However, the future nickel price was expected to rise due to the continued decline in inventories and strong demand.
