Nickel Prices Rise Amid Weak US Jobs Data Fueling Rate Hike Expectations

On August 4, nickel prices experienced an uptick amid weak U.S. July non-farm employment figures, fueling expectations of an imminent interest rate hike. According to the U.S. Bureau of Labor Statistics, the economy added only 73,000 jobs in July, the lowest in nine months and well below the anticipated 104,000. Additionally, revisions to previous months' data indicated significant downward adjustments, with May and June's job gains revised downward by a combined total of 258,000. This data heightened concerns over economic slowdown, leading to a decline in the U.S. dollar index and a slight rebound in nickel prices. Market observations revealed that the spot price for refined nickel ranged from 119,900 to 122,600 yuan per metric ton, averaging 121,250 yuan, marking an increase of 600 yuan from the previous day. Premiums for Jinchuan #1 refined nickel rose by 100 yuan, averaging 2,350 yuan per metric ton. The futures market saw the SHFE nickel 2509 contract fluctuate around 120,000 yuan per metric ton, closing slightly higher at 120,070 yuan, up 0.08%. In macro news, U.S. Trade Representative Greer confirmed that new tariffs imposed by the U.S. on several countries are largely fi...