The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$214/ton yesterday (November 26), closing at US$16,272/ton, and the spot price also surged by US$214.5/ton to US$16,224.5/ton.

The average nickel price of this month has reached US$15,766/ton, higher than the US$15,239/ton in the previous month.

Meanwhile, LME’s market inventory of nickel increased by 246 tons to 240,636 tons. The cumulative increase of this month was 1,620 tons so far.

According to market participants, nickel prices bounced due to an optimistic outlook of demand for new energy vehicles, stable spot stainless steel prices in China, and rebounded purchases of the market. Therefore, the short-term nickel price was expected to keep firm.