Affected by worries about economic recession, the London metal market fell across the board last weekend, with some metal varieties plummeting by more than 6% in the session, the largest one-day decline since the outbreak of the COVID-19. The three-month nickel futures in London fell sharply along with the trend, closing at 14,720 US dollars per ton. The intraday decline further expanded, with a drop of around 6.4%. In early trading, it hit its lowest point since October 2020 at 14,595 US dollars per ton.

Previously, US President Trump announced the imposition of tariffs on countries around the world, raising the actual import tax rate of the United States to the highest level in a century.

On the domestic front, the night market of Shanghai nickel futures fluctuated and fell, expanding the downward trend, and the support lineof 129,000 RMB/ton was no longer available. The final reported price was 127,330 RMB/ton, a decrease of 2,010 RMB/ton or 1.55%.

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