The LME nickel futures rose by US$210 yesterday (July 10), closing at US$21,014/ton. The spot price also hiked by US$210, reaching US$20,816/ton.
At the same time, the LME-monitored nickel inventory decreased by 264 tons, coming to 37,944 tons. The inventory has decreased by 906 tons so far this month.

The market expectation for further interest rate hikes by the Federal Reserve has been lowered as US consumer borrowing hit more than two-year low in May, resulting in the US dollar index. Besides, LME-monitored nickel inventory fell below 380,000 tons, leading to a rebound in nickel prices.