The London Metal Exchange (LME) nickel futures price slightly increased by US$23/ton and closed at US$20,490/ton on May 29. Meanwhile, the nickel inventory at LME decreased by 96 tons to 83,634 tons.

Market participants indicated that although the LME’s nickel inventory has decreased, the decline is not significant, while the demand for stainless steel from China is still weak, and the nickel market is still oversupplied. Currently, the prices are only supported by a supply disruption at the mine. Therefore, the short-term nickel market will still remain volatile.