The London Metal Exchange (LME) nickel price increased by US$385/ton and closed at US$17,030/ton on April 2. Meanwhile, the nickel spot price went up by US$277/ton to US$16,845/ton. The nickel inventory at LME increased by 624 tons to 77,772 tons.

The improvement of the US economy might lead to delays in interest cuts. Meanwhile, China’s stainless steel futures prices rebounded, and the spot prices also stabilized, which further drove the nickel price.