SunSirs: The Morning Post of Nickel on September 11th

https://www.chemnet.com   Sep 11,2024 SunSirs

Due to the suppression of fund selling and the drag of trade data exacerbating concerns about Chinese demand, the London metal market fell across the board again overnight, and nickel prices continued to decline. The intraday decline of three-month nickel in London further intensified, with a drop of 1.1%, and finally closed at 15,735 US dollars per ton, reaching a six week low.

The trade data released by the General Administration of Customs on Tuesday further confirmed the weak demand; Meanwhile, funds driven by computer programs entered the market to sell, suppressing the decline in London metal prices. These funds sold heavily after the opening of the US market.

Domestically, the Shanghai nickel futures fluctuated and closed lower in the evening session, expanding the decline and further breaking the low point during the session. The final offer was 120,500 yuan/ton, with a decrease of 1,220 yuan/ton or 1.0%.

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