London Metal Exchange (LME) nickel futures rallied past US$17,700 per ton yesterday (June 22). Market anxieties diminished because of progress in diplomatic talks and the temporary suspension of US petroleum sanctions. This positive sentiment revived metal rates, countering pressure from a strong American currency.
During June 22 trading, futures fluctuated by US$380 before settling at US$17,754 per ton, an increase of US$174. Spot prices also rose by US$162.5, reaching US17,557.5.
Despite this recovery, nickel has dropped by 6.86% so far this month, though it holds a 6.65% growth for the year.
At the same time, LME-monitored nickel inventories fell by 24 tons to 276,192 tons. The total inventory has decreased by 672 tons so far this month, a reduction of 0.24%.
According to market participants, weak stainless steel demand continues to cap gains, pointing toward short-term volatility.