On October 3, the London Metal Exchange (LME) nickel futures price continued to increase by US$116/ton and closed at US$15,433/ton. Meanwhile, the spot price also went up by US$120.5/ton to reach US$15,257/ton.

The weakening of the U.S. dollar and the U.S. government shutdown caused the delay in the non-farm payroll report. Also, the service sector activity in September was stagnant. These factors reinforced market expectations that the Federal Reserve may implement two interest rate cuts before the end of the year, contributing to a continued increase in nickel prices. With China currently observing the National holiday, short-term movements in nickel prices are expected to be primarily influenced by macroeconomic conditions.