The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$161/ton yesterday (April 21), closing at US$16,199/ton, and the spot price also hiked by US$162/ton to US$16,151.25/ton.

Meanwhile, LME’s market inventory of nickel slightly increased by 131 tons to 264,646 tons. The cumulative increase in April has reached 4,302 tons so far.

According to market participants, nickel prices rebounded as the US dollar weakened, China’s stainless steel futures slightly dropped, and spot prices stabilized. However, the supply of nickel was expected to increase since the rainy season in the Philippines hasn’t ended. Therefore, the short-term nickel price will be pressed.