Login ID:
Partner Login
Contact Us : 7066511911

LME Nickel surges as Chinese purchase fuel supply fears

22 Apr 2024 8:19 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 22 Apr (Commoditiescontrol): London Metal Exchange (LME) Nickel prices rose to multi-month highs on Monday, as market talks of China government's plans to buy the metal for state stockpiles triggered concerns of tight supply, while a bullish sentiment in base metals also supported.

Three-month nickel on the LME was up 0.8% at $19,740 per ton, hitting its highest level in seven months. The contract rose 8.6% in the previous week.

The most-traded June nickel contract on the Shanghai Futures Exchange (SHFE) jumped 6% to 147,660 yuan ($20,389.68) per ton, the highest level since last October.

Nickel was boosted by market talk that China's stockpiler, the National Food and Strategic Reserves Administration, was planning to buy nickel pig iron, the main feedstock for stainless steel, industry sources said.

Ban on metals from Russia, one of the world's main suppliers for nickel and aluminium, by Washington and London also raised concerns of global supply disruptions.

China state-backed research house Antaike expects the outlook for metals including copper, gold and aluminium to remain strong on robust Chinese demand outlook and macro uncertainties.

LME tin rose 1% to $35,950, aluminium increased 0.3% to $2,678 a ton, nickel was up 0.5% at $19,430, zinc added 0.4% to $2,863.50, lead slid 0.7% to $2,204.

SHFE tin jumped 5.5% to 282,050 yuana ton, aluminium was up 1.8% at 20,755 yuan, copper rose 2.2% to 80,720 yuan, zinc rallied 1.5% to 22,945 yuan, while lead slipped 0.3% to 17,195 yuan.

(By Commoditiescontrol Bureau: 09820130172)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Post Comment  

Latest Market Commentary
London Metal Exchange Settlement - 22-Jul-2024
Copper and Aluminium Prices Plunge to Three-Month Lows ...
Copper and Aluminium Prices Hit Multi-Month Lows on Wea...
All India Steel Rate 22 July 2024
Top 5 News
Small Cardamom Prices Continue to Trade Higher
ZCE Cotton And Yarn Evening Closing - 22 Jul 2024
DCE Oil Complex Evening Closing - 22 Jul 2024
Clove Prices Steady for the Past One and a Half Months
Domestic and Vietnamese Pepper Prices Remain Low Amid W...
Top 5 Special Reports
Economic Survey Highlights India's Growth Prospects and...
Weekly: ICE Sugar Futures Extend Weekly Fall As Global ...
Weekly: ICE Cotton Extends Week of Losses as US Dollar ...
Monsoon Revival Spurs Kharif Crop Sowing, Paddy and Pul...
IGC Report Forecast Rise in Global Rapeseed Production
Copyright © CC Commodity Info Services LLP. All rights reserved.