At present, the US China trade war is still the focus of the market, but driven by the weakness of the US dollar, the London metal market closed higher last weekend, and nickel prices continued to rise along with the trend. The final closing price of three-month nickel in London was 15,085 US dollars per ton, with an intraday increase of around 2.1%.
Recently, with the tariff dispute between the world's two major economies intensifying the concern of the global economic recession, the trend of base metals has generally declined. Before that, all varieties have reached the low level since the COVID-19, but since then, the futures price has gradually rebounded; With Chinese consumers buying on dips, coupled with technical factors, it will help stabilize the trend of base metals.
Domestically, in the night trading session, Shanghai nickel futures jumped short and opened high, closing slightly higher, praised for breaking free from the pressure of the 10 day moving average. The final reported price was 122,720 RMB/ton, with an increase of 1,790 RMB/ton or 1.48%.
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