The London Metal Exchange (LME) nickel futures price on November 24 hiked by US$244/ton to US$14,699/ton. Also, the spot price increased greatly by US$238/ton to US$14,508/ton. Meanwhile, LME-monitored inventories fell by 468 tons to 253,482 tons.

Nickel prices rebounded as the U.S. dollar weakened, with the dollar index pulling back from a six-month high and Federal Reserve officials signaling a higher chance of an interest rate cut in December. The shift in expectations helped lift sentiment and potential demand, while continued declines in LME nickel inventories also supported the price increase.

Market participants cautioned that despite Indonesia’s new regulations limiting medium to long-term capacity expansion, short-term hydrometallurgical production remains at high levels, keeping actual supply steady. At the same time, the stainless steel market in China faced difficulty, and more steel mills are cutting output. With demand still weak, analysts expect nickel prices to remain on a volatile trajectory.