The uncertainty before the US election had raised concerns about the demand outlook, with mixed performances in the London metal market overnight, and nickel prices continuing to decline due to poor performance. The three-month nickel futures in London closed at 16,245 US dollars per ton, with a slight expansion of the intraday decline, with a drop of around 0.4%.

After China, the top metal consuming country, launched its most aggressive economic stimulus plan since 2020 at the end of September, the trend of base metals rebounded briefly, but then fluctuated and fell back as demand concerns continued; At the same time, some investment banks question whether the economic stimulus plan of the top metal consuming country is sufficient to boost economic growth, and the uncertainty of the US presidential election also raises concerns about the demand outlook.

Domestically, in the night trading session, Shanghai nickel futures opened high and fell, but closed slightly higher, still being suppressed by various moving averages. The final price was 126,030 yuan/ ton, with an increase of 50 RMB/ton or 0.04%.

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