SunSirs: The Morning Post of Nickel on September 9th

https://www.chemnet.com   Sep 09,2024 SunSirs

Due to mixed employment data in the United States and the slowdown in manufacturing activity in China, the world's top metal consumer, concerns about global economic growth prospects had intensified, dragging down the majority of metal market varieties in London last weekend, with nickel prices continuing to decline. The three-month nickel decline in London continued to widen, with the intraday drop expanding to around 1.3%, and finally closing at 15,875 US dollars per ton.

Currently, analysis suggests that the Purchasing Managers' Index for the manufacturing industry is expected to remain weak for the next two months, ruling out the possibility of an immediate rebound in metal prices supported by cyclical demand recovery.

Domestically, in the night trading session, Shanghai nickel futures opened high and fell, oscillating and closing low, further expanding the downward trend, hitting a recent low during the session. The final closing price was 122,480 yuan per ton, a decrease of 1,340 RMB/ton or 1.08%.

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