On August 20, the London Metal Exchange (LME) nickel futures price edged up by US$2/ton and closed at US$15,008/ton. Also, the spot price slightly increased by US$12/ton to US$14,813/ton. At the same time, LME-monitored nickel inventories reversed to increase by 18 tons to 209,346 tons. After rising subtly yesterday, the prices have risen by a total of US$72 this month, an increase of 0.48%.

Nickel prices remained stable as multiple factors shaped market sentiment. China’s prolonged real estate slump dampened demand for stainless steel, while its new energy vehicle sector came under pressure from the anti-involution policy. Rising inventories of pure nickel added to the headwinds. However, a weaker US dollar helped prices hold firm. In the near term, nickel price movements are expected to fluctuate depending on comments from the US Federal Reserve chairman at the global central bank meeting scheduled for Friday.