Due to continued basic selling and inventory growth, most varieties in the London metal market fell again overnight, led by copper prices, while nickel prices remained on a temporary downward trend.
Analysis suggested that as the market continued to face pressure from long positions and weak demand from China, computer driven funds continued to sell off base metals, causing most metal varieties to weaken along with weak copper prices. The three-month nickel futures in London continued to decline, with an intraday decline of 1.2% compared to the previous day, and finally closed at 15,830 US dollars per ton.
On the domestic front, the Shanghai nickel futures fluctuated and fell in the night market, further approaching the line of 125,000 RMB/ton. The final reported price was 126,510 RMB/ton, a decrease of 1,920 RMB/ton or 1.49%.
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