The London Metal Exchange (LME) nickel futures on February 14 increased by US$94 and closed at US$15,468/ton. Meanwhile, the spot price went up by US$96/ton to settle at US$15,259/ton. LME-monitored inventories rose greatly by 2,592 tons, reaching a total of 183,852 tons. The inventory has risen by 11,550 tons, a 5.7% increase, since the beginning of this month.

Trump's delay in implementing trade tariffs led the market to believe that their impact may be less severe than anticipated. Meanwhile, optimism over a potential Russia-Ukraine peace agreement weakened the US dollar, pushing nickel prices higher. However, with LME nickel inventories steadily increasing, short-term price movements are likely to remain volatile.