Due to the boost from the weak US dollar, the London metal market generally closed positive overnight, and nickel prices shook off the continuous decline and rose with the trend. The three-month nickel futures in London closed at 15,710 US dollars per ton, with an intraday increase of around 1.1%.
According to analysis, after the US presidential election was decided last Tuesday, the US dollar exchange rate soared, reaching a one-year high. Currently, the initial market reaction to the election of a new president has faded, and the US dollar index has fallen. The weakening of the US dollar has made goods priced in US dollars cheaper for buyers using other currencies.
On the domestic front, the night market of Shanghai nickel futures first suppressed and then rose, fluctuating and closing higher, but did not break through the first line mark of 125,000 RMB/ton. The final reported price was 124,690 RMB/ton, with an increase of 820 RMB/ton or 0.66%.
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