SunSirs: The Morning Post of Nickel on November 1st

https://www.chemnet.com   Nov 01,2024 SunSirs

According to data from the National Bureau of Statistics of China, manufacturing activity in China expanded for the first time in six months in October, indicating that stimulus measures are helping the economy get back on track and providing some support for the overnight London market.

However, the cautious sentiment in the market still remains, with many people showing a wait-and-see attitude. The trend of basic metals is mixed, and the downward trend of nickel prices remains unchanged. The three-month nickel futures in London closed at 15,725 US dollars per ton, and the intraday decline further expanded, with a drop of around 0.6%, the worst performance among all varieties, while also recording a monthly decline. At present, investors are mostly in a wait-and-see state, waiting for specific information about fiscal stimulus.

On the domestic front, the Shanghai nickel futures fluctuated downwards in the night trading, and the downward trend continued to expand, with falling from the line of 123,000 RMB/ton. The final closing price was 122,710 RMB/ton, a decrease of 1,080 RMB/ton or 0.87%.

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