The London Metal Exchange (LME) nickel futures price on August 15 soared by US$130/ton and closed at US$15,161/ton. Also, the spot price went up greatly by US$133/ton to US$14,953/ton. At the same time, LME-monitored nickel inventories increased by 522 tons to 211,662 tons. After nickel prices edged higher last Friday, they posted a weekly gain of US$5. Month-to-date, they have risen by US$225, marking a 1.5% increase.

Nickel prices turned higher as firm expectations of a Federal Reserve rate cut in September weakened the US dollar. At the same time, ongoing geopolitical tension in certain areas is expected to ease, further supporting sentiment. In the short term, fundamentals in the nickel market remain largely unchanged, and prices are expected to move in response to broader macroeconomic factors.