London Metal Exchange (LME) nickel futures prices rebounded yesterday (November 4), closing up by US$432 at US$15,779 per ton after trading between US$15,270 and US$15,915. Spot prices also rose by US$429 to US$15,581 per ton. The price growth represented a two-week high, reversing from the 10-month low of US$15,271 set on October 30.
The conclusion of the US midterm elections removed political uncertainty, weakening the US dollar and sparking market sentiment. Besides, LME nickel inventories dropped by 2,262 tons on November 4 to 275,592 tons, a 0.95% decrease for the month.
Despite weak underlying demand, November nickel prices sit at a 3.3% monthly increase of US$508, narrowing year-to-date losses to 5.2%.