SunSirs: The Morning Post of Nickel on May 7th

Despite the risk of a trade war still looming over the market, most varieties in the London metal market fluctuated and closed higher overnight, boosted by the weakening of the US dollar and supply concerns. Nickel futures followed the trend of copper futures and rose again.

The current decline of the US dollar is an important driving force supporting the rebound of base metal prices. The decline of the US dollar makes base metals more attractive to buyers holding other currencies. Some funds use the negative correlation between metal prices and the US dollar to buy and sell based on signals emitted by computer models. The three-month nickel futures in London closed at 15,645 US dollars per ton last weekend, with a volatile intraday increase of around 1.1%.

Domestically, the weak range of Shanghai nickel futures fluctuated during night trading, with a slight decline and continued to be suppressed by the line of 125,000 RMB/ton. The final closing price was 124,290 RMB/ton, a decrease of 260 RMB/ton or 0.21%.

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