The LME nickel futures rose by US$290 yesterday (December 7), closing at US$16,508/ton. The spot price increased by US$291.5, reaching US$16,306/ton.

At the same time, the LME-monitored nickel inventory surged by 1,992 tons, coming to 48,360 tons. The cumulative increase this month has reached 2,022 tons.

As the US dollar weakened and purchases improved due to the dropped nickel price, nickel prices were driven to rebound for two consecutive days. However, there is still an oversupply situation in the market. With the pressure on inventory accumulation, the short-term nickel price could fluctuate.