London Metal Exchange (LME) nickel price has risen for eight days in a row. The three-month futures price greatly hiked by US$380/ton yesterday (January 4), closing at US$21,137/ton, and the spot price also soared by US$379.5/ton, reaching US$21,260/ton.

LME nickel price has totally increased by US$1,797 so far from the end of last year, with an increase of 9.3%. The current price has hit a new high since October 20, 2021.

Meanwhile, LME’s market inventory of nickel has dropped for 45 days in a row, down by 630 tons on January 4, reaching 101,256 tons. The decrease in December amounted to 12,474 tons.

According to market participants, the demand for stainless steel was expected to increase, coupled with China’s continuous destocking in December, optimistic demand for new energy vehicles, and the continued decline in nickel inventory, the nickel price may fluctuate in a stable trend in the short term.