Nickel trades below $16,750/tonne as demand stays weak
Nickel traded below $16,750 per tonne, pressured by elevated inventories and weak downstream demand. LME warehouse stocks were around 271,000 tonnes in early September as soft stainless demand weighed on consumption.
Nickel traded below $16,750 per tonne as elevated inventories and weak downstream demand continued to pressure prices. LME warehouse stocks were around 271,000 tonnes in early September, while soft stainless steel demand kept weighing on nickel consumption. 82 million a year earlier, helping keep Indonesian smelters supplied and offsetting some of the impact of the lower quota. Stronger US jobs data lifted expectations for a September Fed rate hike, leaving higher yields and a stronger dollar as additional headwinds for nickel.
Lower cobalt payables for Indonesian MHP are also squeezing HPAL margins and could prompt higher-cost producers to reduce output, offering some medium-term supply support.