Due to Trump's suspension of tariffs, short-term bearish sentiment has eased, boosting the overnight London metal market to close higher across the board. Nickel prices have emerged from a downward trend and gained some gains. London's three-month nickel final closed at 14,725 US dollars per ton, soaring to around 4.6% during trading.
Trump announced the suspension of high so-called equivalent tariffs on over 50 countries for the next 90 days, but raised tariffs on China to 125%. In addition, the significant decline in the US dollar exchange rate has provided additional support for base metals, making goods priced in US dollars cheaper for buyers using other currencies.
Domestically, the Shanghai nickel futures remained stable at a high level during the night trading session, with the upward trend converging and a slight increase, basically stabilizing at the level of 120,000 RMB/ton. The final price was 120,540 RMB/ton, with an increase of 1.560 RMB/ton or 1.31%.
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