LME nickel prices up by 3% last week
The LME nickel futures increased by US$128 last Friday (March 17), closing at US$23,364/ton. The spot price also rose US$129, reaching US$23,147/ton.
After rebounding for two consecutive days, LME nickel futures hiked US$680 or 3% last week.
The LME-monitored nickel inventory fell by 138 tons, coming to 44,658 tons. The inventory has increased by 510 tons since this month.
The banking crisis in the US and Europe triggered market panic, and the US dollar weakened as markets bet the Federal Reserve will raise interest rates by a quarter of a percentage point for March, which led to a rebound in nickel prices.
