The nickel futures at the London Metal Exchange (LME) went up greatly by US$238 and closed at US$15,307/ton. During the same day, the spot price also soared by US$229/ton to US$15,096/ton. During the same day, the inventory monitored by LME reversed and decreased by 120 tons to 204,372 tons.

Nickel prices continued to rise, driven by a weaker US dollar, recent adjustments to US tariffs, and improving market sentiment. The US March Producer Price Index (PPI) increased by 2.7% year on year, while China’s strong export performance in March further supported the upward trend. Although nickel ore costs remain supported, market participants noted that high refined nickel inventories could lead to short-term price strength with potential volatility.