Affected by the surge in inventory and concerns about demand, most varieties in the London metal market fluctuated and closed lower overnight. London three-month nickel once again weakened and fluctuated downwards, with the intraday decline widening to around 1.1%, and finally closing at 16,210 US dollars per ton.
The strengthening of the US dollar also made metals priced in US dollars more expensive for buyers using other currencies. However, some analyses indicated that nickel remained the strongest LME base metal in the past month; In recent months, global nickel supply has tended to be flat, while demand growth has led to a shortage of supply in the global nickel market, which may provide some support for short-term price trends.
On the domestic front, the night market Shanghai nickel futures fluctuated weakly and fell again, with the main contract's line support of 130,000 RMB/ton no longer available. The final closing price was 128,580 RMB/ton, a decrease of 810 RMB/ton or 0.63%.
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