The downward trend of the US dollar provides support, and at the same time, under the threat of new EU sanctions proposed by Russia, most varieties in the London metal market fluctuated and closed higher overnight. However, nickel prices have not continued their previous upward trend and have slightly fallen. The three-month nickel futures in London closed at 15,863 US dollars per ton, with a intraday decline of around 0.8%.

At present, the market is shifting its focus to the European Commission's proposal to ban the import of Russian aluminum in the next sanctions plan against Moscow. As for whether it will target nickel, it is currently unknown; But some analyses suggest that this may cause changes in trade routes.

Domestically, the Shanghai nickel futures fluctuated within the night trading range and closed slightly lower again, with the upper limit still hindered by the line of 128,000 RMB/ton. The final closing price was 127,340 RMB/ton, a decrease of 180 RMB/ton or 0.14%.

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