Overnight, the London metal market showed mixed performance as investors prepared for Trump's tariffs. Nickel prices continued to decline, with the current downward trend continuing. The three-month nickel futures in London closed at 16,030 US dollars per ton, with a intraday decline of around 0.2%.

Analysis suggests that Trump's imposition of tariffs on metals is aimed at encouraging increased domestic production, but obtaining licenses for these businesses may be difficult, and the construction of smelters may take several years. At present, there is no choice but to continue importing these metals and in some way digest or transfer the costs brought by the new tariffs.

Domestically, the night market Shanghai nickel futures saw weak consolidation and suffered another setback, with the line support of 129,000 RMB/ton no longer available. The final reported price was 128,610 RMB per ton, with a decrease of 870 RMB/ton or 0.67%.

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