The London Metal Exchange (LME) nickel futures price rebounded yesterday (December 1), hiking back above the US$14,900/ton level to reach a one-week high. This surge occurred as the US dollar weakened, driven by increased market expectations of an upcoming Federal Reserve interest rate cut this month. In addition, improved manufacturing activity in China provided support to market confidence.
The price closed at US$14,928/ton, rising by US$99, continuing its weekly increase following three months of monthly decreases. Despite the rebound, the supply is still plentiful, and low demand from the traditional stainless steel industry indicates that the nickel market could continue to see price fluctuations in the near future.