London Metal Exchange (LME) nickel futures closed at US$16,765 per ton yesterday (July 14), maintaining a half-month high. During the session, the three-month contract fluctuated by US$215 before settling down by just US$1. The spot price slid by US$4 to US$16,562.

Despite a cooling US Consumer Price Index (CPI) and a weaker dollar, buying remained cautious. Buyers hesitate as they monitor Indonesia's mining quota approvals and face sluggish stainless steel demand during China's slow season.

This price recovery pushes July increases to 2.92%, rebounding from the annual low of US$16,250 on July 2. Meanwhile, LME inventories remained flat at 274,704 tons. Market participants foresee tight, range-bound trading driven largely by macroeconomic indicators and policy changes.