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Capital withdrawal and a cautious and bearish atmosphere have driven the trend of copper price increases:

The US April manufacturing PMI hit a four-month low, dampening market sentiment, with overnight London nickel falling by 2.95%. London nickel closed at 19,095, down $580 from the previous trading day, a decrease of 2.95%, with a turnover of 7,570 lots, down 1,554 from the previous day; in the domestic futures market, night trading of Shanghai nickel remained weak and volatile. The main Shanghai nickel 2406 contract closed at 141,480 yuan/ton, down 2,490, a decrease of 1.73%.

The London Metal Exchange (LME) reported nickel stocks of 76,878 tons on April 23, an increase of 1,950 tons from the previous trading day.

Shanghai nickel futures opened lower across the board today; the main 2406 contract opened at 139,970, down 4,000, and at 9:05, the Shanghai nickel main 2405 contract closed at 141,790, down 2,180; Shanghai nickel futures opened low and moved lower, maintaining a weak and volatile trend; on the macro level, with US inflation rebounding, the Fed may delay interest rate cuts, and global geopolitical uncertainties persist, especially with the latest US April manufacturing PMI hitting a four-month low, which has dampened bullish sentiment, leading to a significant withdrawal of funds from the market. The nickel market is characterized by a strong bearish and wait-and-see atmosphere, with a significant increase in LME nickel inventories. However, nickel-iron prices remain firm, and it is expected that nickel will experience a slight decline today.

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