The London Metal Exchange (LME) nickel futures price on November 25 hiked by US$173/ton and closed at US$14,872/ton. Meanwhile, the spot price went up greatly by US$173/ton to US$14,681/ton. At the same time, LME-monitored inventories remained flat at 253,482 tons.

Nickel prices gained as the U.S. dollar continued to weaken and the September U.S. producer price index met market expectations, while declining consumer confidence strengthened expectations for a Federal Reserve rate cut. These factors improved market sentiment.

Market participants noted that refined nickel inventories remain high. Indonesia’s new policy is expected to have a limited short-term impact on supply, while the seasonal off-peak market for stainless steel in China continues to be difficult. Therefore, nickel prices were forecasted to fluctuate.