The LME nickel futures rose by US$98 yesterday (February 16), closing at US$16,356/ton. The spot price also increased by US$106.5, reaching US$16,112.5/ton. After the hike, the nickel price hit a new high since the end of January. The price increase has reached US$87 so far this year, a growth of 0.5%.
At the same time, the LME-monitored nickel inventory kept flat at 71,544 tons. The cumulative increase this month has totaled 174 tons, an increase of 0.24%.
In spite of the increased US dollar index, China’s stimulus measures on real estate and the increased financing of residential projects are likely to boost market demand. Besides, the recent slowdown of the LME nickel stocks has driven nickel prices to hit a new high this month. Market participants said that the short-term nickel price trend will be led by macro factors.