London Metal Exchange (LME) nickel futures held steady above US$16,300 yesterday (July 8), closing at US$16,338 after a slight drop of US$10. The market demonstrated resilience despite geopolitical tensions in the Middle East and a weaker US dollar driven by dovish Federal Reserve minutes. During the session, prices fluctuated by US$265, reaching a high of US$16,470.
At the same time, spot prices settled at US$16,129. Supported by a recovery in China’s manufacturing sector, nickel maintained its monthly growth, bringing the increase in July to US$51.
On the supply side, LME inventories reversed their recent upward trend, decreasing by 36 tons to 274,584 tons. Market participants said that Indonesian mining policies and broader macroeconomic factors will continue to determine the market’s future direction.