SunSirs: The Nickel Morning Post on October 17th

https://www.chemnet.com   Oct 17,2024 SunSirs

As of October 17th, Investors continued to pay attention to the details of China's stimulus measures. Overnight, the London metal market fluctuated, and nickel prices have continued to decline recently, causing the market to fall again. The three-month nickel futures in London closed at 17,305 US dollars per ton, with a slight expansion of intraday decline. In early trading, it hit a two-week low of 17,250 US dollars per ton, a drop of around 0.7%.

Due to China's failure to release the expected stimulus details at the policy briefing so far this month, investors have been disappointed and selling pressure has been triggered; In addition, nickel inventory in LME registered warehouses continues to increase, surging by 40% since early July, reaching its highest level since November 2021, highlighting oversupply.

Domestically, the Shanghai nickel futures fluctuated widely in the evening session, closing slightly lower and still unable to break free from the pressure of the 5-day moving average. The final offer was 133,100 RMB per ton, with a decrease of 10 RMB/ton or 0.01%.

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