Due to the boost from the weak US dollar, the London metal market closed higher overnight, with some metals hitting two-week highs, causing nickel prices to shake off the downward trend and end up volatile. The three-month nickel futures in London closed at 16,040 US dollars per ton, with a significant increase of around 2.3% during trading.
Since mid November, most metal varieties have been trading in narrow ranges as the market awaits the threat of import tariffs imposed by the US President elect and possible retaliation from China. As the US dollar index falls, metals priced in US dollars become more attractive to buyers using other currencies.
On the domestic front, Shanghai nickel futures opened high and rose in the evening session, fluctuating and closing higher, breaking through the line of 126,000 RMB/ton. The final offer was 127,270 RMB/ton, with an increase of 2,590 RMB/ton or 2.08%.
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