LME nickel price sharply rebounds on Mar 31

The three-month futures price of nickel on the London Metal Exchange (LME) sharply rebounded by US$164/ton to US$11,484/ton yesterday (March 31st), and the spot price also surged by US$170.5/ton to US$11,434.5/ton.

Meanwhile, LME’s market inventory of nickel dropped by 36 tons, coming to 229,812 tons. The cumulative increase in March was 5,616 tons.

According to market participants, China Manufacturing Purchasing Managers Index (PMI) rebounded, leading a bounce in nickel prices. However, the inventory of stainless steel in China was still high, so market participants kept observing stainless steel prices.