The London Metal Exchange (LME) nickel futures price increased by US$71/ton and closed at US$15,182/ton on January 6. Meanwhile, the nickel spot price also grew by US$62.5/ton to US$14,949/ton. The nickel inventory at LME increased again by 252 tons to 164,280 tons.

Although there was news indicating that Trump might narrow the scope of tariff imposition, a claim later was denied by Trump. However, the US dollar weakened. Meanwhile, ahead of the Lunar New Year Festival, increased buying activity from downstream sectors drove nickel prices higher. Market participants observed that while LME nickel inventories have been rising, the cost of nickel mining continues to provide support, and nickel prices are expected to remain volatile in the short term.