LME nickel prices gain for second straight week
London Metal Exchange (LME) nickel futures rose by 1.3% last week, logging a second consecutive weekly gain, even as prices slipped below US$17,000 last Friday (July 17). The contract ended at US$16,961 per ton, down by US$191. Spot prices also fell to US$16,767, falling by US$185.
Global stock market drops and comments from Fed officials about potential interest rate hikes due to AI-driven inflation caused the Friday downturn. Despite this, nickel prices remain up 4.18% this month. LME inventories fell by 564 tons to 274,284 tons.
Market participants credit the recent increases to strong market expectations tied to pending Indonesian mining quotas and rising oil prices from Middle East conflicts. However, actual demand remains weak, pointing to short-term price volatility.
