The London Metal Exchange (LME) nickel futures price hit a seven-month record high, soared by US$767/ton, and closed at US$19,326/ton on April 19. Meanwhile, the nickel spot price hiked by US$790/ton to US$19,161/ton. The nickel inventory at LME increased by 276 tons to 73,758 tons.

Because the tension in the Middle East eased, safe-haven currencies and the US dollar slightly turned weak. The atmosphere of the market developed toward the optimistic side. Meanwhile, China’s stainless steel inventories kept decreasing, and stainless steel prices continued to be strong. These factors drove the nickel prices greatly.