Nickel prices on the London Metal Exchange (LME) rose again on the 15th, with futures climbing above US$15,400/ton despite smaller gains. Futures settled at US$15,436/ton, an increase of US$45/ton. Spot prices also moved higher, adding US$30/ton to reach US$15,250/ton.

The US dollar index weakened further after two consecutive weeks of decline, following calls from US President Trump for the Federal Reserve to implement steep interest rate cuts. At the same time, Indonesia seized a small section of the world’s largest nickel mine for encroaching on forest areas without permission, fueling supply concerns and driving nickel prices higher. However, with pure nickel inventories still elevated and the market in surplus, prices are expected to show short-term volatility.