The London Metal Exchange (LME) nickel futures price had a slight increase yesterday (July 22), holding above US$15,500/ton. The price closed at US$15,528/ton, up by US$5. The spot price also rose, hiking slightly by US$3 to US$15,320/ton.
Despite a weakening US dollar, nickel prices remained stable, maintaining their highest level in one and a half months. This stability came as LME nickel inventories continue to rise, reaching 208,902 tons.
Continued inventory growth, coupled with weak Chinese demand and increased refined nickel production, has led to a well-supplied market. Market participants expect a volatile short-term trend for nickel prices.