On January 18, the spot price of nickel was 167,250 yuan/ton, an increase of 1.19% from the previous trading day and a year-on-year increase of 21.71%.

In the context of the surge in demand for electric vehicles, nickel inventories continued to decline, which drove nickel prices. Global refined nickel inventories continue to decline and remain at a low level, and the actual supply and demand are strong. As the Spring Festival holiday is approaching, downstream companies have finished stocking up, and market demand has weakened. It is expected that the short-term high and volatile trend of nickel prices is the main trend.

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