The London Metal Exchange (LME) nickel futures have risen for two days in a row, closing at US$15,983/ton yesterday (March 4), up by US$90 from the previous day. At the same time, the spot price also rose by US$64 to US$15,784/ton. This pushed nickel prices to a six-week high since January 22. In March, the nickel price increased by US$550, a growth of 3.56%. The price has hiked by US$655, a rise of 4.27%, so far this year.

Nickel inventories monitored by the LME increased by 396 tons in March to 195,360 tons. The current inventory is 195,360 tons, up by 198 tons from the previous day.

The reasons for the increase in nickel prices included the weakening of the US dollar and Indonesian policy disturbances leading to tight mining resources. Although the macro good news for China has been offset by the imposition of US tariffs, nickel prices have continued to rise overall. In the short term, nickel prices may fluctuate.