Nickel futures on the London Metal Exchange (LME) climbed above US$19,000 last Friday (April 24), marking a third consecutive weekly gain as supply disruptions and a weaker US dollar supported prices.
French mining and metals group Eramet plans maintenance at its Weda Bay nickel mine in Indonesia, raising concerns over near-term supply.
LME nickel fluctuated early in the week, then rose for three consecutive sessions; hit a high of US$19,145 and low of US$18,605 on April 24, closing at US$19,015 (up by US$278).
The nickel reached a near two-year high last Friday, up by US$898 in total last week ( or 4.95%), rising by 11.13% month-to-date, and by 14.25% year-to-date.
Market participants noted that despite still weak stainless steel demand in China, strong cost pressures from the mining sector and growing demand tied to clean energy development are likely to keep nickel prices on an upward trend in the near term.