London Metal Exchange (LME) nickel futures rebounded yesterday (May 28), closing at US$19,101 per ton, rising by US$158. The metal peaked at US$19,130 during intraday trading, reaching its highest level since May 14. Spot prices similarly increased by US$160 to settle at US$18,902.
A 60-day ceasefire extension agreement weakened the US dollar, boosting base metals broadly. Despite a 1.88% decline this month, nickel prices have grown by 14.7% so far this year, with May averages tracking well above April levels.
Meanwhile, LME inventories held steady at 278,064 tons. Market participants anticipate a strong, fluctuating trend in the short term, driven by the softer US dollar and persistent disruptions in raw material mining supplies.