London Metal Exchange (LME) nickel futures have risen for five consecutive days in a row. On April 28, the prices closed at US$19,450 per ton, up by US$353. Despite a strong US dollar, prices reached levels not seen since May 2024. This rally was driven by mining disruptions in Indonesia, rising sulfur costs, and recovering demand from China’s stainless steel and new energy sectors.

Throughout April, nickel prices jumped by 13.6%, bringing year-to-date growth to 16.8%. While LME inventories dropped slightly this month to 277,518 tons, global stocks remain high.

Because actual production cuts have not yet materialized on a large scale, buyers are becoming cautious at these price peaks. Market participants expect volatile trading ahead, with future trends tied to US Federal Reserve interest rate decisions and geopolitical developments.