The London Metal Exchange (LME) nickel futures price on February 20 went up by US$63/ton to US$17,350/ton. The spot price also went up slightly by US$65/ton to US$17,143.5/ton. Meanwhile, LME-monitored inventories remained flat at 287,706 tons.
The US dollar weakened after the Supreme Court of the United States ruled that Donald Trump’s tariffs were unlawful, lending support to nickel prices. At the same time, minutes released by the Federal Reserve showed that the Fed is not in a hurry to reduce interest rates, which capped further gains in nickel.
In the near term, the Fed has shifted toward a more hawkish stance, while worries about possible military conflicts in the Middle East have increased. As a result, nickel prices are expected to fluctuate within a range.