The London Metal Exchange (LME) nickel futures price on September 1 edged up by US$18/ton and closed at US$15,439/ton. Also, the spot price went up by US$9/ton to US$15,256/ton. Meanwhile, LME-monitored nickel inventories reversed to increase by 300 tons to 209,844 tons.

China’s official manufacturing PMI for August dropped to 49.4, remaining in contraction territory for the fifth consecutive month. However, S&P reported that China’s August manufacturing PMI rose to 50.5, surpassing market expectations. Meanwhile, stainless steel futures in China gained strength, and market anticipation of a potential Federal Reserve rate cut contributed to a modest rise in nickel prices. Analysts noted that prices may experience short-term fluctuations.