Nickel Futures Prices Inched Lower in February

Nickel prices inched lower in February. On the macro front, the US Department of Labour announced on February 14 that the annualised CPI in January was 6.4%, exceeding market expectations. On the evening of February 15, the US Department of Commerce announced that the monthly rate of retail sales in January was 3%, far exceeding the forecast of 1.8% and higher than the previous reading of -1.1%, which also indicated that the economic status and prospects of the US are relatively optimistic.

On February 16, the annual rate of PPI for January came in at 6%, which was higher than the forecast. During February, the Federal Reserve's hawkish speeches led to concerns about a sharp increase in interest rates in the market in the future, weighing on commodity prices.

On the evening of February 23, LME issued a notice saying that Asian nickel trading will resume on March 20, which led to a decrease in nickel prices.