The LME nickel futures soared by US$1,125 on January 31, closing at US$30,344/ton. The spot price also jumped by US$1,135, reaching US$30,153/ton.
The increase in nickel prices has reached US$296, or 1%, so far this month. The nickel price has risen by four months in a row.

The LME-monitored nickel inventory decreased by 294 tons, coming to 49,374 tons. The inventory has fallen by 6,102 tons since this month, hitting a historical low.

The surge in nickel prices was mainly due to market rumors of the Philippines’ policy to impose export tariffs on nickel ore, Russian Norilsk Nickel’s plan to cut production by 10%, as well as stronger demand and higher stainless steel prices in China after the lunar new year holiday.