The London Metal Exchange (LME) nickel futures prices on July 17 went up by US$70/ton and closed at US$15,096/ton. At the same time, the spot price also increased by US$80/ton to US$14,898/ton. Besides, LME-monitored inventories reversed course, decreasing by 6 tons to 207,282 tons. Since the beginning of July, inventories have increased by a total of 3,276 tons, representing a 1.6% rise.
US retail sales in June rebounded more than expected, while initial jobless claims declined last week. However, the US dollar, after an initial strengthening, later retreated. Meanwhile, nickel pig iron prices showed signs of stabilization, leading to a rebound in nickel prices. Despite this, market demand remains weak, and the short-term outlook is expected to be volatile.
