The London Metal Exchange (LME) nickel futures price on September 12 hiked by US$241/ton and closed at US$15,391/ton. Also, the spot price soared by US$244/ton to US$15,220/ton. After the increase on the 12th, it reached the highest level since September 2, and recorded a total weekly gain of US$156, up by 0.02%.

The US dollar index rebounded slightly but still ended lower for the second consecutive week. Following the Fed’s upcoming rate cut and a sharp decline in September’s US consumer confidence, the market anticipates continued US dollar weakness, driving nickel prices sharply higher. Despite the gains, oversupply in the nickel market could lead to short-term volatility.