SunSirs: The Morning Post of Nickel on October 31st

https://www.chemnet.com   Oct 31,2024 SunSirs

Although the decline of the US dollar supported some metal varieties to fluctuate and rise, the current market wait-and-see mentality prevails. Most varieties in the London metal market continued to decline overnight, and nickel prices have closed down for the 13th consecutive trading day. The three-month nickel futures in London closed at 15,805 US dollars per ton, the lowest price since September 11th, while the intraday decline slightly expanded, with a drop of around 0.4%.

The recent US election has been the focus of people's attention, and no one is willing to enter the market in large numbers before the election. At the same time, media reports indicate that an important conference in China will consider a large-scale fiscal stimulus plan next week. So far, this news has not had an impact on metal prices, but it indicates that China recognizes the problem and is taking measures.

On the domestic front, the Shanghai nickel futures fluctuated downwards in the night trading, and the downward trend expanded. The final reported price was 123,560 RMB/ton, with a decrease of 820 RMB/ton or 0.66%.

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