Nickel futures price at the London Metal Exchange (LME) slightly increased by US$4/ton and closed at US$16,127/ton on November 6. At the same time, the nickel spot price also went up by US$5/ton to US$15,870/ton. The nickel inventory at LME reversed to increase by 192 tons to 147,276 tons.

Trump’s return to the White House caused the US dollar index to surge to a four-month high. Plus, LME nickel inventories begun to rise. However, Norilsk Nickel indicated that supply in the nickel market remained tight, helping nickel prices stay resilient with a slight upward trend. Nonetheless, demand in the nickel market is still sluggish, and inventory levels remain high, suggesting that short-term price movements could be volatile.