Nickel prices surge as China's manufacturing & real estate market rebound, plus supply tighten market
The London Metal Exchange (LME) nickel futures price hiked by US$226/ton and closed at US$15,944/ton on November 1. At the same time, the nickel spot price also soared by US$236.5/ton to US$15,689.5/ton. The nickel inventory at LME remained at 146,820 tons.
The recent rebound in nickel prices was driven by a return to expansion in China's manufacturing sector and signs of recovery in its real estate market after a 15-month stagnation. Downstream buying activity further supported this upward trend. Market analysts indicated that disruptions in ferronickel supply due to transportation issues, combined with firm ferronickel prices, are likely to support a strong short-term outlook for nickel prices.
The recent rebound in nickel prices was driven by a return to expansion in China's manufacturing sector and signs of recovery in its real estate market after a 15-month stagnation. Downstream buying activity further supported this upward trend. Market analysts indicated that disruptions in ferronickel supply due to transportation issues, combined with firm ferronickel prices, are likely to support a strong short-term outlook for nickel prices.
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