On last Thursday, the Federal Reserve opted to maintain its benchmark interest rate at its current target range of between 5.25% and 5.5%, which was in line with previous levels and market expectations. It means that the Federal Reserve put a pause on interest rate hikes. On the same day, Federal Reserve Chair Powell's comments hinted that the Fed might raise interest rates further if needed. This led markets to expect the Fed to hike rates in the second half of the year, which put downward pressure on nickel prices. In terms of fundamentals, spot market saw decent overall transactions last week. However, compared to the week ending September 15, transactions slightly declined in the week ending September 22. The main reason for this is that some downstream buyers had already completed their pre-holiday stockpiling during the previous nickel price drop. Additionally, some alloy mills restocked their essential inventory for November during this procurement. In terms of stainless steel, some steel mills are currently facing reduced demand. It is expected that they will gradually reduce production and shut down by the end of September and in October. This will lead to a decrease in the production of 300-series stainless steel, ultimately impacting the demand for pure nickel. In terms of electroplating, the electroplating industry is influenced by the "Golden September, Silver October", with orders remaining stable compared to expectations. There is a consistent demand for high-end nickel plates, with a slight increase. Additionally, it is anticipated that due to the signing of September orders at the end of this month, there may be a periodic shortage of nickel salt supply, leading to a potential continued rise in nickel salt prices. In summary, it is expected that nickel prices will experience some fluctuations this week due to the influence of macro sentiments and weakening demand. However, the cost support from nickel sulphate will limit the downside potential of nickel prices.