The London Metal Exchange (LME) nickel futures closed at US$15,814/ton yesterday (December 29, 2025), reaching the highest level since mid-May.

Despite a stronger US dollar, prices hiked by 10.8% over six trading sessions. This surge was due to tight Indonesian ore supplies and a rally in Chinese stainless steel prices. Besides, Beijing's recent tariff adjustments aimed at domestic consumption supported the upward trend.

In terms of LME inventories, the volume fell by 510 tons to 255,186 tons. Moreover, the monthly average nickel price for December surpassed November levels. Market participants expected that nickel would maintain a strong, yet volatile, short-term trend as tight ore supplies from Indonesia continue to impact global production.