Last weekend, the US dollar fell, providing support for the trend of base metals. The weak US dollar made US dollar denominated metals cheaper for foreign currency holders, boosting the London metal market to generally close higher. Nickel prices fluctuated higher with the trend, breaking away from the previous continuous decline.

The three-month nickel futures in London closed at 15,945 US dollars per ton, marking the end of the intraday decline and a significant increase of around 1.4%. However, it still performed the worst among all varieties and recorded a weekly decline.

Recently, market participants have questioned to what extent the stimulus plan can translate into an increase in demand for metals; The cautious attitude of traders before the US presidential election also put pressure on metal prices.

Domestically, Shanghai nickel futures fluctuated and closed higher in the evening session, but failed to recover from the 125,000 RMB/ton mark. The final reported price was 124,610 RMB/ton, with an increase of 1,280 RMB/ton or 1.04%.

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