LME nickel futures surged last week, with prices climbing over US$100 on January 17, reaching US$16,097/ton This price increase was attributed to strong economic data from China, boosting market demand and confidence. 

Besides, stainless steel futures also strengthened, driving nickel prices to a five-week high and marking a second consecutive week of gains.

Despite rising inventories, China’s 5% GDP growth last year and recovering market sentiment have kept nickel prices on the uptrend. However, with market uncertainty surrounding Trump's upcoming presidency, short-term price fluctuations are expected.