June 14 (Reuters) - Prices of nickel in London rose slightly on Friday, but were set to fall for the fourth consecutive week, pressured by rising inventories.

Three-month nickel on the London Metal Exchange rose 0.7% to $17,775 per metric ton by 0548 GMT. The contract is down 1.4% so far this week.

LME nickel inventories climbed to 86,664 tons, the highest since February 2022.

Stockpiles at Shanghai Futures Exchange (SHFE) warehouses stayed around the highest since November 2020, and were last at 26,622 tons on June 7.

The rising stockpiles were partly due to Chinese producers ramping up production of high-grade cathodes in Indonesia and China that are deliverable on the LME.

However, prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits.

LME copper rose 0.4% to $9,830 a ton, tin advanced 0.3% to $32,885, while aluminium declined 0.5% to $2,545.50, zinc eased 0.5% to $2,847 and lead edged down 0.1% at $2,163.

SHFE copper declined 0.3% to 79,790 yuan a ton, aluminium decreased 0.6% to 20,630 yuan, zinc shed 0.6% to 23,630 yuan, lead eased 0.1% to 18,605 yuan, and tin dropped 0.9% to 272,590 yuan.

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1400 US U Mich Sentiment Prelim June ($1 = 7.2552 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Varun H K)