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We would like to inform you that due to the upcoming Labour Day holiday, all of our news updates will be temporarily suspended during May 1-5 and all of our weekly reports for the Labour Day holiday week will also be temporarily cancelled.
Nickel prices dropped last week. By last Friday, SHFE nickel contract closed at 134,710 yuan/mt, down by 5.05% WoW. The decline was driven by waning optimism in the market, leading prices to align with fundamentals.
Review of the Copper Market during the Spring Festival: The downstream operating rate slightly weakened before the holiday. However, according to SMM research, overall pre-holiday inventory levels remained considerable, and terminal consumption was somewhat suppressed due to the previously high copper prices.