Due to the weak trend of the US dollar and the rebound of spot copper premiums, the London metal market closed up across the board again overnight, led by copper futures, while nickel prices remained on the rise and continued to expand. The final closing price of three-month nickel in London was $15,195 per ton, with an intraday increase of around 0.8%.
The US dollar index fell to its lowest level since early 2022 as concerns over the future independence of the Federal Reserve weakened confidence in the robustness of US monetary policy. The weakening of the US dollar makes goods priced in US dollars cheaper for buyers using other currencies.
On the domestic front, the Shanghai nickel futures remained stable at a high level during the night trading, continuing to close positive and showing some convergence in their gains. The final price was 120,680 RMB/ton, with an increase of 900 RMB/ton or 0.75%.
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