On February 2, nickel future price at the London Metal Exchange (LME) hiked by over US$500/ton and closed at US$29,790/ton. Meanwhile, the nickel spot price soared by US$518/ton to US$29,610/ton. At the same time, the nickel inventory at LME went down by 414 tons to 48,670 tons.

The market participants indicated that China’s downstream manufacturers still don’t fully resume working, so the demand was low. However, the nickel stocks kept decreasing, making the price rebound.