The London Metal Exchange (LME) nickel price on January 10 slightly increased by US$142/ton and closed at US$16,429/ton. Meanwhile, the nickel spot price went up by US$139.5/ton to US$16,189/ton. At the same time, the nickel inventory at LME decreased by 132 tons to 68,322 tons. In January, the average nickel price was US$1,6125/ton.

The US dollar became weak, and the nickel stocks in the LME and the Shanghai Futures Exchange went down. Meanwhile, the stainless steel market in China started to recover, which further made steel prices stable, and it caused the nickel prices to increase. However, the situation of oversupply still existed; the nickel prices were expected to fluctuate in the short term.