Base metals mixed in overnight session; nickel gains 1.18%, copper slips

The split between London and Shanghai copper — both lower, but by different magnitudes — points to divergent regional positioning rather than a single macro driver, which makes the nickel and stainless steel strength the more interesting signal in this session. Nickel and stainless steel moving together suggests the gain is tied to the alloy chain rather than sentiment alone, while alumina's decline against firm aluminum hints at input-side softness worth monitoring. Whether the nickel-led gains hold through the next session, or fade as copper weakness reasserts itself, is the open question.