The LME nickel futures kept rising yesterday (June 16), slightly hiking by US$41 to close at US$23,034/ton. The spot price also rose by US$54.75, reaching US$22,955/ton.

The nickel price has risen for four consecutive trading days, a total increase of US$2,279, up to 11%, rebounding to a new high since May 10. The increase has reached US$2,446 this month, a hike of 11.9%.

At the same time, the LME-monitored nickel inventory decreased by 84 tons, coming to 37,026 tons. The inventory has fallen by 756 tons so far this month.

Due to the bullish macroeconomic conditions in the US and China, the continued decline in the LME and Shanghai nickel inventories, and better prospects of the new energy vehicle industry in China, all of which drove nickel prices to increase further.

Although the global refined nickel inventory is at a historically low level, the weak demand for stainless steel in China is still a reason to keep the short-term nickel prices in a fluctuating trend.