Due to the weakness of the US dollar and the boost from Chinese data, the London metal market closed up again overnight, and London nickel rose sharply, reversing the previous unfavorable situation. The three-month nickel futures in London closed at 15,925 US dollars per ton, with an intraday increase expanding to around 3.2%.

The prospect of a peace agreement in Ukraine has led to a drop of about 1% in the US dollar against a basket of other currencies, marking the largest daily percentage decline since the end of January. The weakening of the US dollar makes metals priced in US dollars cheaper for buyers using other currencies, which may boost demand.

Domestically, in the night market, Shanghai nickel futures opened high and continued to rise, fluctuating and closing higher, once again standing at the line of 128,000 RMB/ton. The final price was 128,440 RMB/ton, with an increase of 2,420 RMB/ton or 1.92%.

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