On September 11, the London Metal Exchange (LME) nickel futures price edged up by US$4/ton and closed at US$15,150/ton. Also, the spot price slightly increased by US$13/ton to US$14,976/ton. Meanwhile, the nickel inventories in LME continued to increase by 2,058 tons to 223,152 tons.
Nickel prices continued to rise as the US dollar weakened following a higher-than-expected increase in the August Consumer Price Index (CPI), while market expectations for a Federal Reserve rate cut this month remained unchanged.
However, the upward trend was limited by growing inventories of pure nickel. According to market participants, the accumulation of pure nickel stocks points to an oversupplied market, indicating that nickel prices are likely to experience short-term fluctuations.
