Nickel prices inched lower in February. On the macro front, the US Department of Labour announced on February 14 that the annualised CPI in January was 6.4%, exceeding market expectations. On the evening of February 15, the US Department of Commerce announced that the monthly rate of retail sales in January was 3%, far exceeding the forecast of 1.8% and higher than the previous reading of -1.1%, which also indicated that the economic status and prospects of the US are relatively optimistic.

On February 16, the annual rate of PPI for January came in at 6%, which was higher than the forecast. During February, the Federal Reserve's hawkish speeches led to concerns about a sharp increase in interest rates in the market in the future, weighing on commodity prices.

On the evening of February 23, LME issued a notice saying that Asian nickel trading will resume on March 20, which led to a decrease in nickel prices.