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The London Metal Exchange (LME) nickel futures slightly increased by US$5 yesterday (January 20), maintaining stable at above the US$16,000 level, closing at US$16,135/ton, hitting the highest since December 13.
The price has risen by US$774 so far this year, an increase of 5.1%. The price grew by US$439 last week, by up 2.8%, a hike for two weeks in a row. Meanwhile, LME-monitored inventories rose by 720 tons to 170,214 tons, with a total increase of 9,678 tons this month, a growth of 6%.
Although US President Trump didn’t immediately announce tariffs after taking office, causing the dollar index to fall below the 109 mark, the surge in LME nickel inventories has put pressure on nickel prices and made them steady. Market participants said that the short-term nickel price is likely to experience small fluctuations.