Thanks to the significant interest rate cuts by the Federal Reserve, the London metal market closed up again overnight, with some varieties hitting two month highs. The three-month nickel futures in London continued to rise and expand, with an intraday increase of around 0.6%, ultimately closing at 16,320 US dollars per ton.

The Federal Reserve cut interest rates by 50 basis points on Wednesday, marking the first time it has done so since 2020. The analysis suggests that a larger than expected rate cut could be positive news. At the same time, the decline of the US dollar has made metals priced in US dollars more attractive to buyers using other currencies.

Domestically, the night market Shanghai nickel futures fluctuated at a high level, breaking free from the pressure of the 125,000 RMB/ton line. The final price was 125,350 RMB/ton, with an increase of 880 RMB/ton or 0.71%.

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