After two-day bank holidays, the LME nickel futures price surged back by US$1,582 yesterday (June 6), closing at US$29,701/ton. The spot price also soared by US$1,565.5, reaching US$29,627/ton. The price hit a new high since May 6.

The nickel price has risen by US$1,309 in total so far this month. The monthly average nickel price this month reached US$28,844.5/ton, higher than the US$18,062/ton in the previous month.

Meanwhile, LME’s market inventory of nickel dropped by 72 tons, coming to 71,400 tons. The decrease in June has amounted to 318 tons.

According to market participants, after China’s lifted blockage measures, industrial production has gradually recovered. Also, the market demand was expected to be boosted by the Chinese government’s proposed stimulus measures, which will drive nickel prices. The short-term nickel price will remain stable.