London Metal Exchange (LME) nickel futures hiked to US$18,462 per ton yesterday (April 22), hitting a three-month high. The US$237 rise followed US President Trump’s announcement regarding an indefinite ceasefire extension, raising hopes for a resolution to the Strait of Hormuz situation. This development also triggered a broad rally across base metals.

Supply tightening also supported the increase, with LME inventories falling by 402 tons to 277,764 tons. Since early April, nickel has rebounded by 8.9% from its US$16,948 low, bringing year-to-date growth to 10.6%.

The April price average reached US$17,523, higher than that in the previous month.

Market participants expect short-term price fluctuations, as strong support from the mining side is countered by weak demand and pressure from high inventory levels.