The London Metal Exchange (LME) nickel inventories have been in a downward trend since late April last year. The inventories continued to decline last week. The latest inventory reached 54,432 tons, continuing to hit multi-year lows.

Besides, nickel inventories on the Shanghai Futures Exchange (SHFE) continued to fall last week. It has been dropping for three weeks in a row.

In the week ended September 2, the weekly inventories decreased by 12.75% to 3,087 tons, reaching a new one-month low.