On August 1, London Metal Exchange (LME) nickel futures prices on August 1 increased by US$51/ton and closed at US$14,987/ton. Meanwhile, the spot price also rose by US$58.5/ton to US$14,760/ton. Besides, LME-monitored inventories increased again by 390 tons to about 209,082 tons.

Weaker-than-expected US employment data led to a sharp decline in the US dollar, with the US dollar index pulling back from recent highs. This development heightened market expectations for a possible interest rate cut by the Federal Reserve in September, which in turn pushed nickel prices higher. Nevertheless, the fundamentals of the nickel market remain weak, and prices are expected to trend lower or remain volatile in the short term.