LME nickel prices continue to rise in August

August 28, 2024 – Nickel prices on the LME have risen between 5 and 6% so far in August. Philippine nickel ore rose 1.82% today and Asian analysts expect an upward reaction in NPI prices in the short term as well.

LME nickel prices continue to rise in August

After nickel prices on the LME commodity exchange continued to be volatile in recent weeks, they were able to rise significantly in the period from August 1 to 27, despite a lot of movement and the obligatory attempts to put pressure on prices. The LME nickel 3-month prices rose by over 5.1% and the LME nickel cash settlement prices by over 6.0%.

Nickel back above the 17,000 USD mark

The 3-month prices for nickel broke through the $17,000 mark again on Tuesday and continued to move sideways in this range at the start of trading today.

Philippine nickel ore prices rise again

Since the end of July 2024, Philippine nickel ore prices (Ni 1.5%, Fe 15-25%) have shown a clear upward trend and have increased by another 1.82% today. This means that they have risen by more than 23% in less than a month. The main reason for this continues to be the tight availability of ore in Indonesia and the strong demand from the Philippine downstream industry.

Analysts expect short-term rise in NPI

Asian analysts also currently assume that NPI prices could continue to rise in the short term due to continued strong demand for Nickel Pig Iron (NPI) and the traditional peak season starting in August/September.

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