London Metal Exchange (LME) nickel price has risen for three days in a row. The three-month futures price hiked by US$70/ton yesterday (December 23), closing at US$20,021/ton, and the spot price also hiked by US$53/ton, reaching US$20,103/ton.

LME nickel price has totally increased by US$111 since this month, and the spot price has risen by US$98 in total.

Meanwhile, LME’s market inventory of nickel has dropped for 40 days in a row, down by 150 tons on December 23, reaching 104,160 tons. The decrease in December has amounted to 10,200 tons so far.

According to market participants, the economic data released by the US was quite good yesterday, and China’s stainless steel price rose again, thereby boosting nickel prices. However, due to weak demand in China’s stainless steel market, the short-term nickel price was expected to fluctuate after the increases.