SunSirs: The Nickel Morning Post on August 28th

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

After the overnight London market holiday, the market reopened, continuing to be boosted by expectations of an upcoming interest rate cut by the Federal Reserve and a decline in the US dollar, as well as an improvement in domestic demand. The trend of basic metals had once again risen across the board. London three-month nickel continued its upward trend, with the intraday increase expanding to around 2.1%, and finally closing at 17,110 US dollars per ton.

The market generally expects the Federal Reserve to cut interest rates for the first time at its monetary meeting on September 17th; The reduction in borrowing costs will boost US economic growth and commodity demand, while also putting pressure on the US dollar exchange rate, making US dollar denominated metals cheaper for holders of other currencies.

Domestically, the night trading of Shanghai nickel futures fluctuated at a high level and closed slightly higher, but did not break free from the pressure of the 60 day moving average. The final price was 132,360 yuan per ton, with an increase of 330 yuan or 0.25%.

If you have any questions, please feel free to contact SunSirs with?support@SunSirs.com.

 Print  |    add to Favorites  |    Close