On December 3, the London Metal Exchange (LME) nickel futures price soared by US$322/ton and closed at US$16,015/ton. Meanwhile, the nickel spot price also went up by US$330/ton to US$15,791/ton. The nickel inventory at LME greatly went up by 1,296 tons to 164,430 tons.

Nickel prices saw a significant rebound as the US dollar weakened at yesterday’s close, and Chinese stainless steel futures recovered after reaching multi-year lows. Additionally, low nickel prices encouraged downstream buyers to make purchases, further supporting the price recovery. However, rising inventories of refined nickel may contribute to short-term market volatility.