login_img.jpg
Login ID:
Password:
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
0.0

   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
Weaker Dollar Boosts Sugar Prices; Brazilian Production...
Uttar Pradesh Sugar Mill Rates 24 MAY 2024
Bihar Sugar Mill Rates 24 MAY 2024
Uttrakhand Sugar Mill Rates 24 MAY 2024
Panjab Sugar Mill Rates 24 MAY 2024
more
Top 5 News
Weaker Dollar Boosts Sugar Prices; Brazilian Production...
ICE Cotton Prices Dip Ahead of Holiday, But Posts Weekl...
CBOT Wheat Futures Surge Amid Global Crop Concerns
Gold Rises as Dollar Slips, But Posts Worst Week in Fiv...
Crude oil posts weekly drop as interest rate policy spu...
Top 5 Special Reports
US Soybean net sales for May 10-16 at 279,400 MT, up 5 ...
US Cotton net export sales for May 10-16 at 202,900 RB,...
Pea (Matar) Kanpur U.P. Line Counter-trend Rally / Nex...
Deesa Castor Seed (Plant) Trending Lower / Next Suppor...
Sunflower Refined Oil (AP) Inflection Point: Trading N...
Copyright © CC Commodity Info Services LLP. All rights reserved.