Due to the boost from the weak US dollar, all varieties in the London metal market fluctuated and closed positive again overnight, causing nickel prices to break free from the downward trend and rise again. The three-month nickel futures in London closed at 15,845 US dollars per ton, with an intraday increase of around 1.2% and hitting a three week high.
At present, as US President Trump withdraws his threat to dismiss the leadership of the Federal Reserve and appears to have softened his stance on China, the US dollar index has fallen; The weakening of the US dollar has made goods priced in US dollars cheaper for buyers using other currencies, thereby supporting industrial metal prices.
On the domestic front, the night market of Shanghai nickel futures first suppressed and then rose, closing slightly higher, followed by a narrow range of horizontal fluctuations this week. The final reported price was 126,030 RMB/ton, with an increase of 240 RMB/ton or 0.19%.
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