London Metal Exchange (LME) nickel futures turned higher last Friday (April 10), ending the week at US$17,241 per ton. This recovery led to a 0.9% weekly growth, driven by a weakening US dollar and a stable Middle East ceasefire. Additionally, US inflation data proved less severe than anticipated, and Chinese stainless steel futures gained strength.
Despite the US$153 daily increase last Friday, the average in April is still below March levels. LME inventories also grew slightly to 281,670 tons. Since April, the total amount has increased by 144 tons, a rise of 0.051%.
Market participants believe that while rising nickel ore costs provide some support, the overall market remains well-supplied. With demand for stainless steel and new energy sectors remaining weak in China, nickel prices will likely experience continued volatility in the near term.