The LME nickel futures continued to rise yesterday (September 25), up by US$86, closing at US$16,796/ton, hitting a new high this month. The spot price also increased by US$89, reaching US$16,554/ton.

The price increase has reached US$30 so far this month, a growth of 0.17%. This year's cumulative hike was US$193, an increase of 1.1%.

At the same time, the LME-monitored nickel inventory grew by 264 tons to 124,404 tons. The cumulative increase this month has totaled 5,406 tons, up by 4.6%.

The continuous increase in nickel prices was due to the expected Federal Reserve’s rate cut of another 50 basis points in November. However, the rebounded US dollar and market concerns about Chinese demand made nickel price more changeable and limited growth, so the short-term price would be volatile.