NICKEL ORE Indonesian ore prices remained stable with a slight upward trend in pyrometallurgy, while hydrometallurgical ore prices may experience a downward adjustment. High-Grade NPI The supply-demand imbalance of high-grade NPI may emerge, and prices are likely to remain in the doldrums.

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Futures: LME copper was closed overnight. The SHFE copper 2506 contract opened at 77,400 yuan/mt overnight, touched a high of 77,490 yuan/mt at the beginning of the session, then fluctuated downward to a low of 76,640 yuan/mt, and finally closed at 76,760 yuan/mt, up 0.41%, with a trading volume of 45,721 lots and open interest of 164,089 lots.

Futures market: LME copper was closed last Friday evening. The SHFE copper 2506 contract opened at 76,110 yuan/mt last Friday evening, with a high of 76,200 yuan/mt and a low of 75,820 yuan/mt, closing at 75,900 yuan/mt.

Nickel Ore Indonesian ore faces prominent imbalances and significant bargaining in the short term, with limited downside room. High-Grade NPI Macro uncertainties are expected to remain strong, and high-grade NPI prices have declined rapidly.

Futures market: Overnight, LME copper opened at $9,127.0/mt, hitting a high of $9,216.5/mt and a low of $9,028.5/mt, and closed at $9,190.2/mt (previous close: $9,137/mt).

Nickel Ore Indonesian ore faces prominent imbalances and significant bargaining in the short term, with limited downside room. High-Grade NPI Macro uncertainties are expected to remain strong, and high-grade NPI prices have declined rapidly.

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LME copper opened at 9,702.0 overnight, reaching a high of 9,721.0 and a low of 9,670.0 during the session, showing a fluctuating trend overall.