SunSirs: The Morning Post of Nickel on June 27th

https://www.chemnet.com   Jun 28,2024 SunSirs

Due to the strengthening of the US dollar and concerns about the demand from the top consumer country, the London metal market remained volatile overnight with most varieties closing lower. The three-month nickel futures in London continued to decline, with a 0.5% intraday decline and finally closing at 17,075 US dollars per ton.

On Wednesday, the US dollar index rose 0.3%, after hitting a 38 year high against the Japanese yen. The strengthening of the US dollar made goods priced in US dollars more expensive for buyers using other currencies. At the same time, weak demand in China can be seen from the continuous growth of metal inventory in LME registered warehouses, most of which are located in Asia.

In the domestic futures market, Shanghai nickel fluctuated at a high level during the night session, closing slightly higher and narrowly holding the line level of 135,000 RMB/ton. The final quotation was 135,210 RMB/ton, with an increase of 660 RMB/ton or 0.49%.

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