The London Metal Exchange (LME) nickel futures price grew by US$101/ton and closed at US$17,325/ton on June 24. Meanwhile, the nickel spot price also climbed by US$82/ton to US$17,060.5/ton. The nickel inventory at LME increased by 456 tons to 90,906 tons.

As the U.S. dollar index declined, the current nickel prices spurred buying orders, boosting transaction volumes and driving the nickel price higher. However, weak market demand and rising LME nickel inventory suggest that short-term nickel prices will likely remain volatile.