The LME nickel futures increased by US$951 yesterday (March 24), closing at US$23,468/ton. The spot price also greatly rose by US$1,001, reaching US$23,248/ton.

At the same time, the LME-monitored nickel inventory hiked by 654 tons, coming to 44,454 tons. The inventory has increased by 306 tons since this month.

After the release of macro risks, the market sentiment recovered, and nickel prices climbed to a new high since March 9.

According to market participants, China’s market demand for stainless steel remains weak, but the electric vehicle price cuts and promotions let the battery market pick up. Besides, due to the still low inventory of pure nickel, the short-term nickel price was expected to fluctuate.