The London Metal Exchange (LME) nickel futures price rebounded last Friday (August 8), closing at US$15,156/ton, an increase of US$38. The spot price also rose, hiking by US$43 to US$14,957/ton.

The nickel price hit its highest in over a week, mainly due to market expectations of an earlier-than-expected interest rate cut by the US Federal Reserve and a stronger stainless steel market in China. Despite a strong US dollar and an increase in LME nickel inventories, which hit a four-year high, the metal's price was supported by these factors.

In the previous week, nickel rose by US$169, or 1.12%, leading to a positive weekly performance after a one-week downturn. So far this month, the price hike has reached US$220, a rise of 1.47%.

Market participants predicted that the price would continue to fluctuate within a narrow range in the near term.