The London Metal Exchange (LME) nickel futures price kept soaring by US$413/ton, and closed at US$19,739/ton on April 22. Meanwhile, the nickel spot price hiked by US$412/ton to US$19,573/ton. The nickel inventory at LME increased by 1,170 tons to 74,928 tons.

According to the source, the increase in nickel prices might be caused by China's purchasing and stockpiling of nickel pig iron.