1. Trend analysis

According to the nickel price monitoring of the SunSirs, on March 3, the spot nickel price rose sharply, with the quotation of 103,650 RMB/ton, 2.64% higher than the previous day, 3.32% higher for two consecutive days, 0.27% higher than the previous year. Shanghai nickel opened at 102,500 RMB, followed by a rise in price before a fall in price, closing at 102,350 RMB, up 0.34%. LME nickel closed 0.32% lower at $12,640 at the end of the month.

2.  Market analysis

In the past two days, nickel prices have rebounded sharply. On the one hand, Indonesia's first case of virus infection has emerged, and the uncertainty of nickel supply prospects in India has boosted prices. On the other hand, since March, due to the effective control of the domestic epidemic, the provinces have returned to work one after another, and the downstream demand is expected to boost.

3. Future prospects

Considering the impact of Indonesia's ban on mining and the rainy season in the Philippines, domestic smelters and traders have stockpiled nickel ore in advance. Since September last year, China's import of nickel ore has increased significantly, so the current supply of nickel ore is relatively abundant, so the impact of the epidemic on the supply and demand of nickel ore is limited. However, the downstream recovery gradually supports nickel price, and it is expected that the short-term fluctuation of nickel price will be strong.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.