The London Metal Exchange (LME) nickel futures price edged up by US$31/ton and closed at US$15,482/ton yesterday on January 9. Meanwhile, the nickel spot price also slightly increased by US$45/ton to US$15,272/ton. The nickel inventory at LME reversed to decrease by 1,056 tons to 164,310 tons.

Despite the strength of the US dollar, nickel prices have continued to rise, supported by Indonesia’s consideration of plans to reduce nickel ore quotas, a sustained rebound in Chinese stainless steel futures, and a reversal in declining LME nickel inventories. However, with market demand remaining sluggish, nickel prices are anticipated to fluctuate within a narrow range in the short term.