Nickel price increases on May 23 following sharp decline in US dollar & continued drops in inventories

The nickel futures at the London Metal Exchange (LME) went up by US$100 and closed at US$15,594/ton on May 23. Meanwhile, the inventory monitored by LME decreased again by 2,274 tons to 198,636 tons, which has decreased by 1.3% to 2,682 tons since May. The US dollar fell by 1.9% over the week, after US President Donald Trump threatened to impose a 50% tariff on the EU beginning June 1. Meanwhile, LME nickel inventories continued their downward trend, falling below 200,000 tons, which further supported a rebound in nickel prices. In the short term, market analysts expect nickel prices to experience volatility.