SunSirs: The Morning Post of Nickel on August 22nd

https://www.chemnet.com   Aug 22,2024 SunSirs

Due to the renewed weakness of the US dollar, which provided support for base metals, most varieties in the London metal market fluctuated and closed higher overnight. However, nickel prices fell and failed to continue their previous upward trend. The three-month nickel rally in London was temporarily halted and fell again during trading, with a drop of about 1.1%, ultimately closing at 16,850 US dollars per ton.

On a macro level, there was once again a bullish trend. With market expectations that the Federal Reserve will start lowering interest rates next month, the US dollar exchange rate has fallen to its lowest level in over seven months, which helped to boost the attractiveness of metals priced in US dollars to foreign currency holders.

On the domestic front, the night market Shanghai nickel futures opened high and fell low, fluctuating and falling, but the main contract still had the line of 130,000 RMB/ton support. The final quoted price was 130,340 yuan per ton, with a decrease of 620 RMB/ton or 0.47%

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