Shanghai nickel rose by more than 3% on June 6, the first day after the Dragon Boat Festival holiday. China's pure nickel inventory is still low. In addition, the epidemic has improved and the demand resumed after Shanghai lifted the lockdown.

Stimulated by the nickel price, other non-ferrous metals such as copper, aluminum, and zinc, as well as ferrous metals such as stainless steel and iron ore, were all increased.

Although the nickel price keeps increasing, the demand from end user didn't pick up. If the situation didn't improve, stainless steel mills might reduce production in June in order to stabilize the price in the market.

At the same time, buyers preferred to have time to observe the nickel trend and didn't take risks to purchase now.