Industry News

LME nickel price rebounds to $16,000 level, supported by expected Fed’s interest cuts & stabilized stainless steel prices in China

Views : 102
Update time : 2024-11-29 18:43:48
LME nickel futures prices rebounded yesterday (November 28), closing at US$16,064/ton, an increase of US$181, returning to the US$16,000 level.

Nickel prices have risen by a total of US$346 so far this month, a growth of 2.2%.

As the Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s (Fed) preferred measure of inflation, rose by 2.3% year on year and 0.2% month on month in October, meeting market expectations, the Fed was expected to further cut interest rates. Besides, China’s stainless steel futures have stopped dropping. Both factors drove up nickel prices.

Nonetheless, there is still an oversupply in the nickel market, leading to an expected fluctuating trend for nickel prices in the short term.
Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11