London Metal Exchange (LME) nickel futures continued their upward trend last Friday (March 7), rising by over US$200 to surpass the US$16,500 mark. 

The price increase came amid a weakening US dollar and a boost from China’s February stainless steel production growth. 

Additionally, the strength of stainless steel futures supported the rise in nickel prices. As a result, nickel saw a positive weekly close, marking the highest level in four months.