The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$262/ton last Friday (September 11), closing at US$15,094/ton. The spot price also sharply rose by US$287.25/ton to US$15,049.2/ton.

The average nickel price in September reached US$15,010/ton so far, higher than US$14,567/ton in the previous month.

Meanwhile, LME’s market inventory of nickel slightly decreased by 24 tons to 237,138 tons.

According to market participants, nickel prices rebounded greatly due to the weakening US dollar, pessimistic nickel supply from Indonesia, good sales of new energy vehicles, and China’s stainless steel industry entering the peak season. Therefore, the short-term nickel price was expected to keep stable.