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The metal has only dropped once in the past seven sessions, with the price being supported by floods in Indonesia that could impact supply.
LME cash nickel rose another 1.1% to US$13,073 per tonne, the highest level since April.
Nickel is up 3.6% so far this month and up 23.3% since the start of the year.
Copper gained 0.3% to reach a July high.
The MySteel 62% Australian iron ore fines price dipped back below $120 per tonne.
Gold futures lost so momentum after positive US economic data was released.
After trading at as high as $1,429.40 per ounce yesterday, gold dropped to as low as $1,402.80/oz in recent hours, but last traded at $1,406.70/oz.
Australian dollar spot gold was sitting at A$2,015.40/oz. The dollar was buying US69.73c.
The S&P 500 was less than a point off a record close of 3,000 points, though Australian futures were down 26 points before the opening bell.
