Nickel fluctuated strongly overnight. The yields on US long-term Treasury bonds weakened rapidly, driving short-term risk aversion. But the crisis itself coexists, unless the market believes that global inflation makes it impossible for central banks and governments to provide more ammunition. In addition, the second batch of reserve dumping by the National Reserve fell. Although there was no dumping of nickel, the overall sentiment of the non-ferrous metals was suppressed, which is also detrimental to nickel prices. From a fundamental point of view, the recent nickel price has been strongly affected by the rapid increase in stainless steel prices, but the current stainless steel has not shown any sudden positives. Under the continuous high supply, there are concerns about surplus. The stainless steel social inventory has been accumulated for two consecutive weeks , The signs of consumption weakening are obvious, so we should be vigilant in the face of rapid price increases. On the whole, nickel will be greatly affected by the rise and fall of stainless steel in the short-term, and its own supply and demand will not be a key concern for the time being.