SunSirs: The Morning Post of Nickel on August 5th

https://www.chemnet.com   Aug 05,2024 SunSirs

Due to the strengthening of expectations of interest rate cuts in the US employment data, some metal varieties followed the copper price fluctuations and closed higher last weekend, but for the macro perspective, there were still mixed feelings. Although the Federal Reserve's loose policy stance constituted a positive factor, data from the world's two largest economies were quite weak; Among them, data showed that factory activity in both the United States and China had contracted, indicating a weak manufacturing industry. Some market participants predict that China's spot demand will rebound from September, which is the peak season for seasonal consumption.

London three-month nickel futures rose with copper prices, reversing the previous decline and slightly increasing by around 0.1% during trading, ultimately closing at 16,290 US dollars per ton. However, the significant increase in inventory in London was still worth noting.

On the domestic front, the Shanghai nickel futures opened high and fell in the evening session, fluctuating and closing down, but the support line of 130,000 RMB/ton was still in place. The final closing price was 130,290 RMB per ton, with a decrease of 150 RMB or 0.11%.

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