On November 10, the London Metal Exchange (LME) nickel futures price increased by US$48/ton and closed at US$15,108/ton. Meanwhile, the spot price also grew by US$43/ton to reach US$14,911.5/ton. Meanwhile, the nickel inventories in LME increased by 300 tons to 253,404 tons. Since November, the total amount has increased by 1,302 tons, an increase of 0.51%.

Market sentiment improved after the U.S. Senate moved forward with a bill aimed at ending the 40-day government shutdown, lifting prices across base metals. According to market participants, the nickel market continues to face strong supply and weak demand conditions, and demand from the stainless steel sector remains subdued. Social inventories recorded a slight increase, while LME nickel stocks remain above 250,000 tons. In the short term, nickel prices are expected to show continued fluctuations.