LME’s nickel prices climb on Jan 16 amid weaker US dollar, market sentiment improves, Indonesia’s tightened supply
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Update time : 2025-01-17 17:00:31
Nickel prices at the London Metal Exchange (LME) resumed their upward momentum on January 16, rising by US$113/ton to close at US$15,963/ton after a brief pause in a six-day streak of consecutive gains. Spot prices also rose, gaining by US$126/ton to settle at US$15,755/ton.
Nickel had previously posted six straight days of gains, accumulating a total increase of US$774/ton, or 5%. Despite a slight dip the day before, the latest rebound pushed prices to their highest level in over a month since December 13. So far this year, nickel has gained US$635/ton, reflecting a 4.14% increase. Meanwhile, LME-monitored inventory levels grew by 180 tons on January 16, reaching 167,994 tons, with a total increase of 7,458 tons, or 4.6%, this month.
A weaker US dollar, improving market sentiment in China, stronger stainless steel futures, and tightened Indonesian nickel mining quotas have supported the rebound. Analysts expected mild price fluctuations in the short term.
