Daily LME nickel prices exhibited a downward trend throughout most of August. The commodities sector is facing uncertainty due to economic challenges in China and declining global demand. Market observers are hopeful that the Chinese government will introduce new stimulus measures. However, considering the ongoing weakness in the US and European economies, it is unlikely that these new incentives alone can boost both sentiment and steel consumption this year. As a result, monthly average nickel prices are expected to remain around the current level in the near term. The combination of new supply and sluggish demand from the stainless steel sector is forecast to limit nickel price increases in 2024.
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