The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$248/ton yesterday (May 26), closing at US$17,288/ton, and the spot price also rose by US$252.25/ton to US$17,256/ton.

The current average nickel price of this month is US$17,525/ton, higher than the US$16,507/ton in April.

Meanwhile, LME’s market inventory of nickel plummeted by 1,014 tons to 248,358 tons. The cumulative decrease in May has reached 13,686 tons so far.

According to market participants, nickel prices rebounded due to a sharp drop in LME nickel inventory and the high scheduling of stainless steel production in China on strong market demand. In the short term, nickel prices were expected to move stably.