On July 18, the London Metal Exchange (LME) nickel futures prices hiked by US$122/ton to US$15,218/ton. At the same time, the spot price also soared by US$125/ton to US$15,023/ton. Besides, LME-monitored inventories reversed to increase by 294 tons to 207,576 tons. Nickel prices continued to rise on the 18th, reaching a one-week high since the 11th. Last week, prices rose slightly by US$20/ton, and since July, they have edged up by US$3/ton, an increase of 0.02%.

Nickel prices continued to rise as some Federal Reserve officials expressed support for an interest rate cut in July. At the same time, the US promoted the implementation of a 15-20% minimum tariff agreement with the EU and also advanced tariff negotiations with Japan. In addition, China announced plans to introduce measures aimed at stabilizing growth. These developments improved the overall macroeconomic environment, leading to further increases in nickel prices. The market anticipates a short-term trend of relatively strong and volatile movement.