The LME nickel futures rose by US$65 yesterday (August 1), closing at US$22,358/ton. The spot price also increased by US$67, reaching US$22,143/ton. The nickel price has risen by US$1,777 in the previous month, an increase of 8.7%.

At the same time, the LME-monitored nickel inventory decreased by 24 tons, coming to 37,512 tons.

The US dollar went stronger yesterday, and China’s nickel spot transactions were not active due to the impact of the typhoon. However, the transportation of nickel ore was blocked, the ferronickel price increased, and the demand for nickel was expected to increase in the new energy vehicle industry, which slightly boosted nickel prices. The short-term nickel price would move with small fluctuation.