The London Metal Exchange (LME) nickel futures rose back above US$16,800 last Friday (January 2), achieving a third consecutive weekly growth. Prices rose by US$174, closing at US$16,820/ton, nearing a 14-month high despite a strengthening US dollar. This upward momentum was due to supply anxieties after Vale Indonesia halted mining operations due to delayed government approvals.
Weekly data showed a 6.55% increase, with prices increasing by US$1,034 last week alone. Meanwhile, LME inventories grew slightly by 120 tons, reaching 255,282 tons.
Market participants expect continued price strength as mining disruptions offset currency pressures, maintaining a positive trend for both monthly and yearly performance metrics.