Shanghai Base Metals Close Mostly Higher; Nickel Leads Gains

The broad-based gains, led by nickel and stainless steel, point to a session where the complex moved largely in sync rather than on metal-specific news. That nickel and stainless steel outperform while lead is the lone decliner suggests the bid is concentrated in the stainless chain, with alumina and aluminum alloy also bid. Whether that chain leadership persists, or fades into a uniform macro-driven move, is the open question.