The LME nickel futures hiked by US$105, closing at US$24,582/ton. The spot price also rose by US$108, reaching US$24,502.5/ton.

The current average price of nickel in April is US$23,902/ton, higher than the US$23,289/ton in the previous month.

At the same time, the LME-monitored nickel inventory fell by 48 tons, coming to 41,076 tons. The inventory has decreased by 3,288 tons since this month.

As the US dollar dropped to a new low in more than a week, the inventory of pure nickel fell, and the nickel production of both Nornickel and Glencore decreased year on year, which caused nickel prices to rebound. Market participants said that nickel prices will fluctuate in the short term.