9,367.77 TRY BIST 100 BIST 100
34.56 USD USD USD
36.19 EUR EUR EUR
4.79 CNY CNY CNY
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

The price of nickel in London approaches the price in China

Nickel did not become a base for the first time in the process of re-starting operations on the London Metal Exchange. On the second trading day of the week, the price of nickel fell 8 percent.

The price of nickel in London approaches the price in China

Nickel prices on the London Metal Exchange (LME) have fallen to the levels set for the last few days, approaching the prices in the Chinese market.

Premium prices in LME prices compared to Shanghai Futures Exchange (SHFE) fell below 10 percent on Thursday after a slight rise in commodity prices in China.

The sharp movements in nickel in LME continue in the downward direction this week. After the 250 percent increase last week, transactions were suspended, some transactions were canceled, and the way the situation was handled caused reactions from some traders on the stock market.

Nickel slumped to the point where the limit was set for the fourth day in the LME on Monday, down to around $30,000 in SHFE. According to some investors, this level may attract buyers back to the market and normalize their transactions. The unique rally in the LME last week pushed prices much higher than in China.

Nickel prices in China increased to 29 thousand dollars excluding taxes, while prices in LME decreased to 31 thousand 380 dollars. Investors are evaluating the developments with the turbulence that has occurred in the markets in the past weeks, after the compression on the short positions taken by the Chinese entrepreneur Xiang Guangda. While the Chinese entrepreneur is arranging funds to finance his short position, he noted that he believes this is a sign that prices will decrease with increasing supply in Indonesia.

While nickel decreased by 7.9 percent to $ 28 thousand 900 during the day, it was seen that buyers reacted at this level. Since the market opened last week, the commodity, which has decreased to the price limit for decline every day, did not regress to the base level for the first time.

Despite the decline experienced so far, Nickel is still 51 percent higher this year, and this rate stands out as the best performance among the 6 base metals of the stock market by far.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

South Korea's crude steel production decreased by 18.3% in October

Friday, November 22, 2024

SSAB and Saint-Gobain's slag reprocessing plant in Raahe progresses

Friday, November 22, 2024

US Steel Producer partners with Primetals Technologies for EAF Ultimate

Friday, November 22, 2024

Imported scrap prices on the decline, demand stagnant!

Friday, November 22, 2024

Roadmap for India’s steel sector: Demand, imports and future plans

Friday, November 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now