The London Metal Exchange (LME) nickel futures rose for three consecutive days, closing at US$16,551/ton yesterday (March 10), up by US$47. The spot price also hiked by US$43 to US$16,335/ton.

After the increase yesterday, the nickel price hit a four-month high, rising by US$650 or 4.08% in the past three days. The price increase reached US$1,118 this month, a rise of 7.2%. The price has risen by US$1,223 or 7.9% so far this year. The average price in March was US$15,983/ton, higher than that in February.

Meanwhile, LME inventory decreased by 696 tons to 197,826 tons, an increase of 1.46% since March.

The prices of nickel ore and ferronickel rose, stainless steel futures strengthened, and the decline in LME nickel inventories supported nickel prices. Market participants expected that short-term nickel price should be a fluctuation pattern.