The London Metal Exchange (LME) nickel price soared by US$174/ton and closed at US$18,551/ton on March 12, which has hit a record high since October 20, 2023. Meanwhile, the nickel spot price went up by US$165/ton to US$18,324/ton. At the same time, the nickel inventory at LME kept flat at 73,572 tons.

Although the US Consumer Price Index (CPI) was higher than the market's forecast and the US dollar increased slightly, the market still maintained high expectations of cutting the interest rate. Meanwhile, the approval of mining companies' work plans and budgets (RKAB) in Indonesia was still slow. In addition, the current stock of ternary lithium batteries is tight, which drives the demand for nickel sulfate. Plus, the LME's nickel inventories were low. These factors caused nickel prices to keep increasing.