London Metal Exchange (LME) nickel prices kept an upward trend and now rose back to around US$13,800/ton, which has risen for 4 consecutive trading days.

The three-month futures price settled at US$13,860/ton, up by US$85/ton last Friday. The highest settlement came to US$13,895/ton, and the spot price also rose to US$13,770/ton. The strong economy in the US and the weakening US dollar have led a continuous rise in nickel price.

Meanwhile, LME’s market inventory of nickel has decreased for 3 consecutive trading days, which reduced by 1,830 tons yesterday to 257,502 tons. The cumulative decrease in July totaled 144,478 tons.

Some market participants said that the reduction in market inventory will support the nickel price although there were still some concerns about China-US trade war to impact demand. If the inventory continued decreasing, the nickel price was expected to rise further in the future.