London Metal Exchange (LME) nickel futures prices on July 2 increased by US$96/ton and closed at US$15,302/ton. At the same time, the spot price also went up by US$104/ton to US$15,116/ton. The price has hit a three-week high since June 11 after rebounding yesterday. Since the start of July, prices have gained a total of US$87/ton, representing a 0.57% increase.

Despite the US dollar rebounding, a trade agreement between the US and Vietnam helped lift market sentiment. Additionally, growing expectations of a potential Fed rate cut in September supported the upward movement in nickel prices. However, with market demand still weak, nickel prices are expected to remain volatile in the short term.