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LME warehouse stocks fell to 94,830 tons as of January 21. By early February, inventories are now below 90,000 tons, the lowest level since 2019. Nickel prices also soared to an 11-year high in January.
On the other hand, there is a growing demand for nickel from the stainless steel and emerging electric vehicle (EV) industries, and nickel used in EV batteries is likely to accelerate, showing strong nickel demand.
In actual metal prices, as of February 1, Chinese primary nickel prices rose by 10.29% to US$26,651/ton. LME''s three-month nickel price rose by 7.71% to US$22,350/ton.
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