London Metal Exchange (LME) nickel futures recovered above US$15,700 per ton, closing up US$53 at US$15,735. Despite a stronger US dollar index surpassing 102 due to possible year-end monetary tightening signals, diminishing market expectations for a Federal Reserve rate hike this month, combined with strong US economic performance, supported the rebound.
Intraday trading ranged between US$15,600 and US$15,830. Monthly data indicates a cumulative decline of 1.2%, with inventories holding steady at 284,178 tons.
Market participants said that subdued stainless steel demand during China’s holiday keeps prices volatile, leaving post-holiday demand recovery as a key market focus.