London Metal Exchange (LME) nickel futures continued their rebound last Friday (April 11), rising by more than US$270 and climbing back above the US$15,000/ton level. The rally was driven by a weakening US dollar and confirmation that Indonesia will increase royalty fees on nickel mining, pushing prices higher to a one-week peak and turning the weekly trend positive.

Nickel futures on the LME initially dipped early in the previous week, hitting their lowest level in four years and eight months. However, prices bounced back over the final two sessions, with futures closing at US$15,069/ton on April 11, up by US$271 for the day.