The London Metal Exchange (LME) nickel futures price on November 27 edged up by US$10/ton and closed at US$14,833/ton. Meanwhile, the spot price slightly increased by US$11/ton to US$14,636/ton, and LME-monitored inventories grew by 930 tons to 255,450 tons.

Market expectations for another U.S. Federal Reserve rate cut in December strengthened, but China’s industrial profits dropped by 5.5% in October, shifting from previous growth. At the same time, the rise in LME nickel inventories also capped upward momentum, leaving nickel prices only marginally higher.