London Metal Exchange (LME) nickel futures prices on July 29 increased by US$47/ton and closed at US$15,316/ton. At the same time, the spot price also rose by US$50/ton to US$15,110/ton. Besides, LME-monitored inventories reversed to increase by 876 tons to 204,912 tons. Although the increase in nickel prices yesterday was modest, it returned to above US$15,300. Since the beginning of July, it has risen by a total of US$101, marking a 0.66% increase.

Amid a positive atmosphere in US-China trade negotiations and expectations that the Federal Reserve will maintain current interest rates in its upcoming meeting, the US dollar continued to strengthen. At the same time, China's nickel pig iron prices shifted upward to CNY920 per nickel unit, leading to a slight rebound in nickel prices. However, demand in China's stainless steel market remains weak, with downstream buyers still purchasing based on actual needs. In the short term, nickel prices may show a fluctuating trend.