The LME nickel futures prices rebounded yesterday (October 24), closing at US$22,248/ton, up by US$299. The spot price also rose by US$302, reaching US$22,151/ton.

The increase in LME prices has reached US$1,141, or 5.4%, so far this month, and the price has risen by US$1,491, or 7.2%, since this year.

The LME nickel inventory continued to drop by 24 tons yesterday, coming to 52,908 tons. The inventory has increased by 150 tons since this month.

Higher stainless steel production in China in October boosted the market demand for nickel, and the decreased nickel social inventory also strengthened nickel prices.

In addition, the World Bureau of Metal Statistics (WBMS)’s estimated global nickel supply shortage of 75,500 tons in the January-August period supported nickel prices as well. However, gradually released nickel exports from Indonesia and the coming decreased demand in China after November will pressure on nickel prices in the short term.