As concerns over US tariffs offset the positive data from China, the London metal market experienced more declines than gains overnight. However, nickel prices fluctuated and closed higher, temporarily breaking away from the previous unfavorable situation.
The data released on Tuesday showed that factory activity decreased globally in March as companies prepared to cope with a new round of tariffs imposed by the United States; However, China is a bright spot in the global economic gloom, with two PMI surveys showing that the expansion speed of China's manufacturing industry has exceeded expectations. The final closing price of three-month nickel in London was 16,115 US dollars per ton, with an intraday increase of around 1.2%.
Domestically, the Shanghai nickel futures remained stable at a high level during the night trading session, with a slight increase and strong support of 129,000 yuan/ton below. The final price is 129,300 yuan/ton, with an increase of 630 yuan/ton or 0.49%.
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