The London Metal Exchange (LME) nickel futures price increased by US$145/ton and closed at US$18,364/ton on April 10 and hit a one-month record high. Meanwhile, the nickel spot price grew by US$142/ton to US$18,185/ton. The nickel inventory at LME decreased by 78 tons to 75,342 tons.

The US Consumer Price Index (CPI) in March hit a six-month record high, and the US dollar became strong accordingly. However, the FED officials reiterated the expectations for an interest rate cut this year, the LME’s nickel inventory kept decreasing for several consecutive days, and China’s stainless steel market became strong. These factors drove nickel prices.