London Metal Exchange (LME) nickel futures prices on July 21 hiked by US$305/ton and closed at US$15,523/ton. At the same time, the spot price also soared by US$294/ton to US$15,317/ton. Besides, LME-monitored inventories reversed to increase by 300 tons to 207,876 tons. Nickel prices continued their upward trend yesterday, reaching the highest level in one and a half months since June 3. Since the beginning of July, nickel has increased by US$308, marking a 2.02% rise.

The decline in US Treasury yields led to a weakening of the US dollar. Meanwhile, China’s advancement of a super dam project is expected to boost demand. BHP, the world’s largest mining company, noted that global demand for commodities remained resilient to date. As a result, base metal prices rose across the board, with nickel prices projected to continue increasing. In the short term, favorable macroeconomic conditions may support a moderately strong and volatile upward trend.