The London Metal Exchange (LME) nickel futures price increased by US$55/ton and closed at US$15,956/ton yesterday, January 14. Meanwhile, the nickel spot price also grew by US$57/ton to US$15,733/ton. The nickel inventory at LME decreased by 318 tons to 164,586 tons.

The US dollar index retreated from its highest level in over two years following a reversal and subsequent weakening of the US dollar. At the same time, Indonesia's restrictions on nickel ore heightened market concerns over supply, supporting stable nickel ore prices. Furthermore, a decline in LME nickel inventory fueled a continued rise in nickel prices.