Nickel prices at the London Metal Exchange (LME) yesterday, February 4, rebounded, increasing by US$62/ton and closing at US$15,270/ton. Meanwhile, LME-monitored inventory levels grew by 84 tons, reaching 172,584 tons, with a total increase of 282 tons, or 0.16%, this month.

While concerns about the tariff trade war persist, Trump’s decision to postpone tariffs on Canada and Mexico led to a weaker US dollar, which in turn pushed nickel prices higher. Due to the market’s heightened sensitivity to trade policies, exchange rate fluctuations are expected and will continue to influence the future movement of nickel prices.