The LME nickel futures continued the upward trend. The price surged by US$768 yesterday (June 14), closing at US$22,720/ton. The spot price also soared by US$757.25, reaching US$22,637.25/ton.

The nickel price has risen for two consecutive trading days, a total increase of US$1,965 or 9.5%, rebounding to a new high since May 10.

At the same time, the LME-monitored nickel inventory decreased by 588 tons, coming to 37,116 tons. The inventory has fallen by 666 tons so far this month.

China’s central bank cut the interest rates on its standing lending facility, and the US Fed suspended interest rate hikes in June, both of which boosted market confidence. Besides, the decline in the LME nickel inventories also drove up nickel prices.