July 16(LTIT) –Data on Monday showed that GDP in the second quarter was worse than expected. Shanghai metal futures fell sharply, continuing last Friday's trend, Shanghai nickel closed down 2.30%, Shanghai zinc fell 2.15%, refreshing a year and a half low.

In terms of nickel supply and demand, the northern ferronickel enterprises that were inspected and stopped production in the early stage have gradually resumed production. In addition, the port inventory of nickel ore continued to rise. Besides, Tangshan, the largest steel-making city, has also ordered restrictions on production due to concerns about smog weather, which is detrimental to nickel demand.