On February 2, nickel futures on the London Metal Exchange (LME) rose more than $500/t to close at $29,790/t.
Meanwhile, nickel spot price was up $518/t to $29,610/t. At the same time, nickel stocks in LME decreased 414 tons to 48,670 tons.
Market participants remarked that China's downstream producers are still not fully operational, so demand was low. Nickel stocks continued to decline, which led to a recovery in prices.
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