Since September 30th, the nickel price on London Metal Exchange (LME) had dropped from 157,986 tons to 91,062 tons, totally decrease by 66,924, a 42% decrease.

However, although the stock had dropped 40% since earlier October, the price still kept decreasing, the main reason would be the low demand from the downstream.

As the ban policy from the Indonesian government had been announced, the supply worry pushed the nickel price skyrocket, but the future support still related to the market demand.