The London Metal Exchange (LME) nickel futures price increased by US$78/ton and closed at US$17,372/ton on June 19. Meanwhile, the nickel spot price also climbed by US$81/ton to US$17,107/ton. The nickel inventory at LME increased by 120 tons to 89,562 tons.

Although LME’s nickel inventories continue to increase, the US retail sales data in May were lower than market expectations, and the US dollar index fell, driving nickel prices to rise. Even so, nickel prices were still expected to fluctuate in the short term.