[SMM Stainless Steel Flash] LME Nickel Prices Gain for Second Straight Week Despite Friday Dip Below US$17,000

Published: Jul 21, 2026 09:33

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LME nickel futures gained 1.3% last week for a second consecutive weekly advance, though prices slipped below US$17,000 on Friday (July 17), closing at US$16,961/ton, down US$191 on the day. Spot prices fell US$185 to US$16,767/ton. The Friday downturn was driven by global equity market declines and Fed officials' comments on potential rate hikes amid AI-driven inflation concerns. Despite the late-week pullback, nickel remains up 4.18% for the month, with LME inventories declining 564 tons to 274,284 tons. Market participants attribute recent gains to strong expectations tied to pending Indonesian mining quota decisions and rising oil prices from Middle East tensions, though weak actual demand points to continued near-term price volatility.

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