Due to the ceasefire in the Middle East, spot premiums have fallen. Led by copper futures, most varieties in the London metal market fluctuated and closed higher overnight, while nickel prices maintained their upward trend and continued to expand their gains. The three-month nickel futures in London closed at $15,065 per ton, with an intraday increase of around 1.1%.

Currently, with the temporary ceasefire agreement reached between Iran and Israel, overall market sentiment has improved; At the same time, there is still uncertainty in the market regarding possible tariffs on US related metal varieties, which may exacerbate arbitrage behavior between COMEX and LME markets.

On the domestic front, the Shanghai nickel futures opened higher and continued to close higher in the evening session, approaching the line integer level of 120,000 RMB/ton above. The final reported price was 119,490 RMB/ton, with an increase of 1,410 RMB/ton or 1.19%.

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