LME's nickel futures price hits record high since Jul 11

The London Metal Exchange (LME) nickel futures price soared by US$369/ton and closed at US$17,035/ton on August 20. The price has increased by US$$431/ton this month, with a growth rate of 2.6%. Due to growing expectations that the US Federal Reserve will reduce interest rates in September, the US dollar dropped to a new low for this year. At the same time, China's economic policies turned increasingly optimistic. A key factor in this shift was the updated car trade-in policy, which increased the subsidies for purchasing new energy vehicles. This policy change drove a significant rise in nickel prices, pushing them to their highest level since July 11 of this year.