The London Metal Exchange (LME) nickel futures fell last Friday (February 7), dropping to US$15,756. The slight decline was due to a weaker US dollar, rising nickel inventories, and weaker stainless steel futures in China.
However, the price grew compared to the previous week. It has risen by US$428 so far this year, a growth of 2.8%.
After January’s US jobs data, the market expects the Fed to delay interest rate cuts until at least June, strengthening the US dollar. As nickel inventories rose and China’s stainless steel futures weakened, nickel prices were likely to experience short-term fluctuations.
