The LME nickel futures dropped slightly by US$26/ton yesterday (January 12), reaching US$27,013/ton. At the same time, the LME nickel inventory decreased by 576 tons, coming to 53,418 tons. The inventory has fallen by 2,058 tons since this month.

According to market participants, the US dollar fell as US inflation cooled. China’s stainless steel futures have rebounded, but the market demand wasn’t strong before the Spring Festival holiday. Therefore, nickel prices dropped slightly and maintain stability.

China is trying to stabilize automobile consumption, so the short-term nickel price was expected to remain volatile and rising.