The London Metal Exchange (LME) nickel futures continued to rise yesterday (July 3), up by nearly US$150 to surpass US$15,400/ton. Despite a stronger US dollar, easing trade tensions and China's anti-involution conference boosted market confidence, driving nickel prices to hit a one-month high.

After a slight drop on July's first trading day, LME nickel futures have now risen for two consecutive days. The price closed US$15,451/ton yesterday, hiking by US$149, with the spot price also increasing by US$147 to US$15,264/ton. Therefore, the price is now at its highest since June 3.

The average nickel price for July so far is US$15,131/ton, higher than the average in June. LME-monitored inventory also had a decrease of 474 tons yesterday, reaching 203,628 tons. Market participants forecasted a strong short-term trend for nickel prices.