The London Metal Exchange (LME) nickel futures increased by more than US$500 yesterday (January 19), rebounding to the US$18,000 level after a brief two-day decline.

The price went by US$555, closing at US$18,133/ton, while spot prices rose by US$547 to US$17,937/ton. This rebound was due to a weakening US dollar triggered by Trump’s new tariff threats against eight European nations and news that China met its 5% economic growth target.

Current monthly averages sit at US$17,616, significantly higher than December levels. Despite a year-to-date inventory increase of nearly 12%, daily stocks dipped slightly by 24 tons to 285,708 tons.

Nickel prices have risen by 10.1% since the beginning of January and hit near 19-month highs, with macroeconomic factors driving a broad-based rally in the base metals industry.