The London Metal Exchange (LME) nickel futures price on November 26 increased by US$17.5/ton and closed at US$14,845.5/ton. Market participants said a phone call between U.S. President Donald Trump and Chinese President Xi Jinping helped lift market sentiment. Also, the expectations for another Federal Reserve rate cut in December have increased, which further weakened the U.S. dollar and pushed the US dollar index below 100.

At the same time, China is preparing to hold the upcoming Politburo meeting and the Central Economic Work Conference. These combined macroeconomic developments supported a rise in nickel prices and strengthened China’s stainless steel market.