The LME nickel price has risen for four days in a row. The price went up by US$194 yesterday (October 6), settling at US$22,782/ton. The spot price also rose by US$194 to US$22,666.5/ton.

The nickel price has hiked by US$1,675 or 7.9% since the beginning of this month. The current price has hit a new high since September 26. The price has increased by US$2,025 or 9.8% so far this year.

Meanwhile, the LME nickel inventory dropped by 138 tons to 51,420 tons, with a cumulative decrease of 1,338 tons so far this month.

In spite of the strengthening US dollar, the LME refined nickel inventory continued dropping, close to the historically low, supporting nickel prices. Market participants believed that the short-term nickel price would be in a fluctuating trend.