The nickel futures at the London Metal Exchange (LME) hiked by US$228 and closed at US$15,480/ton on May 2. During the same day, the spot price also increased by US$229/ton to US$15,287/ton. Meanwhile, the inventory monitored by LME reversed to decrease by 1,512 tons to 200,418 tons.

US non-farm payrolls rose by 177,000 in April, indicating a resilient labor market. Meanwhile, the US dollar weakened, and LME nickel inventories declined, prompting a rebound in nickel prices. Market analysts also pointed to signs of easing tensions in the US-China trade war. In the short term, during China’s labor holiday, nickel price movements are expected to be influenced by macroeconomic developments.