The London Metal Exchange (LME) nickel futures price hiked by US$265/ton and closed at US$15,535/ton on February 5. Meanwhile, the nickel spot price also went up by US$263/ton to US$15,311/ton. During the same period, the nickel inventory at LME kept flat at 172,584 tons, which has increased by 282 tons, a growth of 0.16% since the beginning of this month. 

The U.S. decision to delay tariffs on Canada and Mexico by one month eased market concerns over the trade war. This contributed to continued weakness in the U.S. dollar, driving up stainless steel futures in China and pushing nickel prices higher. Analysts expect nickel prices to remain volatile, influenced by the ongoing developments in the trade conflict.