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Domestic favorable policies guide expectations to be moderately strong, and on August 2nd, nickel prices may experience a weak rebound.

Futures Market: The three major US stock indexes opened lower, and overnight London nickel closed down 0.31%. The latest closing price was 22,235, a decrease of $70 from the previous trading day, with a decline of 0.31%. The trading volume was 3,731 lots, an increase of 550 lots from the previous session, and the open interest increased by 2.58 million to 150,620 lots. In the domestic futures market, the night session of Shanghai nickel experienced wide fluctuations and ended with a slight increase. The main contract, Shanghai Tin 2309, closed at 172,240 yuan per ton, up by 20 yuan, representing a 0.01% increase.

On August 1st, London Metal Exchange (LME) reported nickel inventory of 37,512 metric tons, a decrease of 24 tons compared to the previous trading day.
Changjiang Nickel Industry Network News: Today, Shanghai nickel futures opened with mixed trends. The main contract for August 2023, 2309, opened at 172,000 yuan, an increase of 220 yuan. At 9:20, the main contract for Shanghai nickel 2309 closed at 172,460 yuan, up by 240 yuan. The Shanghai nickel market showed mixed trends and maintained narrow fluctuations. With the guidance of favorable domestic policies, market sentiment gradually improved and stabilized. The increase in nickel-iron costs provided support, leading to temporary stabilization of stainless steel futures prices. However, nickel supply continued to increase, resulting in an upward adjustment of refined nickel premiums. Downstream demand remained cautious, leading to sluggish spot transactions. It is expected that there is a high probability of a weak rebound in nickel prices today.

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