The London Metal Exchange (LME) nickel futures price increased by US$243/ton and closed at US$18,061/ton on June 12. Meanwhile, the nickel spot price also hiked by US$245/ton to US$17,808/ton. The nickel inventory at LME increased by 78 tons to 85,728 tons.

As the US inflation cooled and expectations of interest rate cuts strengthened, the US dollar reversed to weaken, thus driving nickel prices higher. However, the fundamental demand for the nickel market is still low, and market participants expect the nickel trend will be volatile in the short term.