The London Metal Exchange (LME) nickel futures price hiked by US$533/ton and closed at US$16,604/ton on July 31. Meanwhile, the nickel spot price also soared by US$538.5/ton to US$16,336/ton. The nickel inventory at LME increased by 96 tons to 105,186 tons.
Federal Reserve Chairman Jerome Powell's statement about a possible rate cut discussion at the September meeting boosted market sentiment. In addition, the US dollar kept weakening, and purchases from downstream buyers were strong. These factors caused a significant rise in nickel prices.