China nickel sulfate rises for third consecutive week, but is it sustainable?

The nickel sulfate price in China extended gains for a third straight week on Friday August 7, with the market rising by 11.3% since the start of July, but some sources doubt whether this uptrend will continue, Fastmarkets heard.

Fastmarkets assessed the nickel sulfate min 21%, max 22.5%, cobalt 10ppm max, exw China price at 24,800-25,500 yuan ($3,559-3,659) per tonne on Friday, up by 800-1,000 yuan per tonne or 3.7% from 24,000-24,500 yuan per tonne a prior week, and up by 11.3% from 22,500-22,700 yuan per tonne on July 3.
The strength of the nickel futures price on the London Metal Exchange was the main driver behind the price gains, Fastmarkets learned. 

"LME nickel has been pretty strong in recent days...

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