The London Metal Exchange (LME) nickel futures price increased by US$116/ton and closed at US$16,123/ton on November 5. Meanwhile, the nickel spot price also soared by US$116/ton to US$15,865/ton. The nickel inventory at LME decreased by 78 tons to 147,084 tons.

As the US dollar continues to weaken and PMI results in both the Chinese and US service sectors remain strong, market sentiment has improved. Besides, a slight drop in LME nickel inventory has pushed nickel prices upward. However, with high inventory levels indicating underlying weakness in the nickel market, prices may experience short-term fluctuations.