SunSirs: The Morning Post of Nickel on October 24th

https://www.chemnet.com   Oct 24,2024 SunSirs

Due to the drag of the strengthening US dollar, the London metal market fluctuated overnight, and the weak nickel price continued to decline. Recently, due to poor fundamental performance, continuous inventory growth, long positions closing, and weak demand in China, the price trend had been the weakest among various varieties. Meanwhile, the US dollar exchange rate rose to its highest level on October 23^rd since late July, further putting pressure on price trends. The three-month nickel futures in London closed at 16,310 US dollars per ton, with a slight expansion of the intraday decline, with a drop of around 0.1%.

Domestically, the Shanghai nickel futures experienced weak fluctuations during the night trading session, closing slightly lower and seeking support at the level of 125,000 RMB/ton. The final quoted price was 126,110 RMB/ton, with a decrease of 400 RMB/ton or 0.32%.

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