The London Metal Exchange (LME) nickel futures price on October 2 rebounded to increase by US$133/ton and closed at US$15,317/ton. The spot price also moved higher, adding US$146.5/ton to reach US$15,130.5/ton.

Although the U.S. dollar turned higher, weak U.S. employment data has led the market to expect two Federal Reserve rate cuts before the end of this year, with more than a 90% chance of a cut this month.

Excess supply of refined nickel and weak demand in China amid the ongoing National Day holiday indicated that short-term prices are likely to experience only modest fluctuations.