LMEs nickel price increases by 103/ton on Feb 23

The London Metal Exchange (LME) nickel price increased by US$103/ton and closed at US$17,495/ton on February 23. At the same time, the nickel inventory at LME decreased by 54 tons to 70,308 tons.

In February, the nickel price has increased by 7.5% so far. Meanwhile, the average nickel price was US$16,113/ton, almost similar to the average price in January. During the same period, the nickel inventory has decreased by 1.5% month on month so far this month.

The US' sanctions against Russia to respond to the Russia-Ukraine conflict and Alexei Navalny's death, the delay in the approval of mining companies' work plans and budgets (RKAB) in Indonesia, and the weakness of the US dollar have led the nickel prices to keep increasing.