London Metal Exchange (LME) nickel futures advanced to settle at US$17,270 per ton, with spot prices closing at US$17,077 per ton. This recovery pushed the July average to US$16,632, despite inventory levels holding steady at 267,522 tons.

A weaker US dollar index dropped below the 100 threshold with a 1% decline, delivering the largest single-day drop in three months.

Meanwhile, high production output from Chinese stainless steel mills demonstrated resilient spot demand. Market participants noted that steel mills remain the primary consumption sector, and upcoming peak seasons will likely provide further support to nickel prices.