Shanghai Metal Market: Shanghai Nickel fluctuates downward, and the current market sentiment is increasingly cautious

Today, Shanghai Nickel is weak and trending downward, with the decline expanding during the trading session. Currently, the upper limit of the spot market continues to be adjusted downward, further narrowing the price gap with the lower limit; some traders maintain their selling stance, and market activity remains dull. Although prices are currently at high levels and adjusting, buyers are generally cautious and watching, waiting for the price decline to stabilize before considering whether to take positions. Macroeconomic and origin policies provide support, but persistent high inventories hinder further price increases. Today, Jiangnan manufacturers adjusted their ex-factory prices downward by 4,600 yuan/ton in response to market developments. (SHMET)

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