The LME nickel futures rebounded by US$440 yesterday (April 26), closing at US$33,076/ton. The spot price also hiked by US$448, reaching US$33,055/ton.

The nickel price has climbed by US$969 in total this month, an increase of 3%; the spot price has risen by US$962 so far.

Meanwhile, LME’s market inventory of nickel fell by 252 tons, coming to 72,738 tons. The increase in April has amounted to 168 tons.

According to market participants, China’s central bank will continue a prudent monetary policy to support the real economy, especially in industries severely affected by the epidemic, which drove a bounce in nickel prices.

Due to the tight supply and the weak demand in China, the short-term nickel price was expected to fluctuate.