Due to the impact of oversupply and weak demand, the London metal market experienced another overall decline last weekend led by copper prices, and nickel prices were unable to continue the previous upward trend. The three-month nickel futures in London fell again during trading, with a decline of around 1.0%, and finally closed at 17,255 US dollars per ton.

In addition to the pressure of supply growth and weak domestic demand, the drop of the RMB to a seven month low against the US dollar also put pressure on industrial metals. Due to the outflow of investment portfolio funds from the mainland financial market and speculation that the central bank may allow the RMB to gradually depreciate, the domestic futures market and Shanghai nickel fluctuated and closed down in the night session. Although the intraday decline converged, it was still suppressed by the 135,000 RMB/ton line above. The final quotation was 134,200 RMB per ton, a decrease of 1,170 RMB/ton or 0.86%.

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