LME's nickel futures increase by 1.4% last week

The London Metal Exchange (LME) nickel futures price increased by US$54/ton and closed at US$16,373/ton on August 16. Meanwhile, the nickel spot price also went up by US$60.5/ton to US$16,130/ton. The nickel inventory at LME kept flat at 114,060 tons. The accumulated increase in futures price for last week totaled US$223/ton (1.4%) Expectations of an upcoming interest rate cut by the US Federal Reserve in September led to a weakening of the US dollar. Meanwhile, nickel ore prices rose, and ferronickel prices remained strong. Additionally, China's retail sales of consumer goods in July increased by 2.7% year on year, and LME nickel inventories plateaued, leading to a slight uptick in nickel prices.