LME nickel price rebounds to new high in Jan

The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$450/ton to US$14,320/ton January 15th. The highest in intraday sessions was US$14,385/tons, and the spot price also soared by US$459/ton to US$14,240/ton. 

Meanwhile, LME’s market inventory of nickel kept rising, up by 984 tons to 178,548 tons. The cumulative increase in January was 27,858 tons.

According to market participants, China and the US signed the first phase of the trade agreement, causing most base metals to hike, as well as to support nickel prices. 

However, it was needed to observe the future trend of nickel prices since the Chinese stainless steel market demand slowed down and stainless steel stocks increased again.