The LME nickel futures rose by US$43 yesterday (October 25), closing at US$18,317/ton. The spot price increased by US$43, reaching US$18,085/ton.

At the same time, the LME-monitored nickel inventory kept flat at 44,880 tons. The cumulative increase this month has reached 2,652 tons.

Nickel prices rose again as the US manufacturing PMI returned to the expansion zone and China strengthened its national debt to support key construction projects. However, due to sufficient sources in the refined nickel market and the increase in the LME’s nickel inventory this month, the growth of the nickel prices was limited. The short-term nickel price will be volatile.