The nickel futures at the London Metal Exchange (LME) went up greatly by US$70 and closed at US$15,615/ton on April 28. During the same day, the spot price also increased by US$69/ton to US$15,415/ton. Meanwhile, the inventory monitored by LME decreased by 1,044 tons to 201,426 tons.

The recent weakening of the US dollar, coupled with signs of easing tensions in the US-China trade relationship, supported a rebound in stainless steel futures in China. Meanwhile, continued declines in LME nickel inventories contributed to a rise in nickel prices. However, the market remains oversupplied with refined nickel, and demand from China's stainless steel sector remains subdued. As a result, nickel prices are likely to experience short-term volatility.