The strengthening of the US dollar once again had made commodities priced in US dollars more expensive for buyers using other currencies, dragging down the overall closing of the London metal market over the weekend.

At the Shanghai Futures Exchange, nickel inventories were hovering around the highest level since November 2020; The nickel inventory in the LME registered warehouse had risen to 87,480 tons, the highest level since February 2022, putting pressure on the nickel price trend and expanding the intraday decline.

The three-month nickel futures in London fell by around 0.1% in intraday trading, ultimately closing at 17,620 US dollars per ton. In the early trading session, it fell to its lowest level since April 4th, at 17,400 US dollars per ton, a decrease of about 2% last week.

Despite the improvement in demand in the stainless steel industry and a slowdown in supply growth in Indonesia in the second quarter, nickel supply will turn into surplus in the third quarter as Indonesian supply increases. In the domestic futures market, the Shanghai nickel market fluctuated at a low level during the night session, with a slight decline and support at the 135,000 RMB/ton level. The final report was 136,760 RMB/ton, a decrease of 620 RMB/ton or 0.45%.

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