In short term, nickel prices in the market still have the power to further go up. Currently, there are 3 main factors that sustain the nickel price.

The first one is that the US president signed a US$2.3 trillion COVID-19 epidemic aid and spending package at the end of 2020. Such action would effectively avoid chaos among people and would helpfully sustain the uptrend of the nickel price.

Second, also at the end of 2020, China and the EU finally reached a deal on the investment agreement after 35 discussions in 7 years, which may enhance the confidence of the market.

The last one is that Democrats would take control of the US Senate. The participants, therefore, look forward to more measures from the government on saving the market.