The London Metal Exchange (LME) nickel futures price on April 16 rose by US$106/ton to US$18,239/ton. The spot price also went up by US$115/ton to US$18,026.5/ton. Besides, inventories monitored by the LME reversed to increase by 120 tons, reaching 278,184 tons.
Nickel prices moved higher as the US dollar stabilized and strengthened, while China’s first-quarter GDP growth of 5% boosted market sentiment and improved demand expectations. At the same time, initial jobless claims in the US fell to 207,000 last week, coming in better than market expectations and providing further support to nickel prices.
Market participants said that uncertainties surrounding developments in the Middle East remain. However, Indonesia’s new nickel ore policy has been implemented, and policies in China are showing improvement. Despite weak demand in China’s stainless steel market, rising ore prices have increased costs across the entire industry chain. Under these conditions, nickel prices are expected to maintain a firm yet volatile trend in the short term.