Macro Sentiment Rebounds, Nickel Prices Recover from Oversold Levels [Institutional Commentary]

Nickel prices opened higher today and fluctuated upward, with relatively small changes in open interest. From a macro perspective, the relaxation of US tariff measures last night catalyzed a counterattack by the bulls, leading to a broad rally in global assets. At the industry level, nickel ore maintained a strong performance, providing support for nickel prices, while downstream stainless steel also showed strength. Previously, under macro dominance, nickel prices fell below the bottom since November 2023, showing a trend of breaking downward. In the short term, with the recovery of macro sentiment, futures prices may experience an oversold rebound.