Due to the boost from China's commitment to increase economic support, most varieties in the London metal market fluctuated and closed higher last weekend, while nickel prices reversed their downward trend and closed higher again. The news from China has provided support for the sluggish market, but some analysts believe that the situation is still complex this year, and market participants are trying to figure out how tariffs may affect prices. The final closing price for three-month nickel in London was 15,120 US dollars per ton, with a slight increase of around 0.3% during trading.

Previously, Indonesia, the largest producer, stated that it is reviewing its annual nickel mining quota to prevent further decline in nickel prices. Earlier, nickel prices fell to their lowest point of 14,905 US dollars since October 2020.

On the domestic front, the Shanghai nickel futures experienced a suppression followed by an increase during the night trading session, hitting a new low before rebounding and once again closing above the mark of 123,000 RMB/ton. The final price was 123,620 RMB/ton, with an increase of 700 RMB/ton or 0.57%.

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