SunSirs: The Morning Post of Nickel on December 11th
December 11 2024 15:05:37 SunSirs (John)
Due to the strong US dollar and the slowdown in China's export growth, the vast majority of varieties in the London metal market fluctuated and closed down overnight, with nickel prices continuing to decline. The three-month nickel futures in London closed at 15,815US dollars per ton, with a slight expansion of the decline and an intraday drop of around 1.1%.
In addition to the macro bearish sentiment, nickel prices have also been suppressed by market expectations of a global nickel oversupply. Russian major producer Nornickel announced on Tuesday that the global nickel surplus will remain at around 150,000 tons by 2025.
Domestically, the night market Shanghai nickel futures opened low and fell again, with support currently at around 125,000 RMB/ton. The final closing price was 125,230 RMB/ton, a decrease of 1,870 RMB/ton or 1.47%.
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