The London Metal Exchange (LME) nickel futures price rebounded yesterday (October 28). Prices were supported by an easing of US-China trade tensions and a weaker US dollar. However, an increase in nickel inventory limited the price growth, resulting in a modest rise that stabilized the price.

The nickel futures closed at US$15,296/ton, up by US$21. Spot prices also slightly rose by US$19 to US$15,089/ton. Since October, the nickel price has had a minimal increase of 0.4%, a total of US$61.

LME nickel inventory continued to rise, adding 198 tons to reach 251,436 tons. Expectations of an upcoming Fed rate cut suggest a potentially firmer short-term price trend.