1. Trend analysis

According to SunSirs nickel price monitoring, the spot nickel price fluctuated within a narrow range this week. The price quoted at the weekend was 93,866.67 yuan / ton, an increase of 0.64% from the 93,266.67 yuan / ton at the beginning of the week, and a decrease of 9.13% year-on-year.

2. market analysis

The main opening of Shanghai Nickel opened at 92,900 points early that week. Since then, the low price has rebounded, closing at 92,640 points on last Friday, with a weekly decline of 0.86%. LME Nickel closed at $ 11,290 by last Friday, with a weekly decline of 1.14%.

As of the weekend, domestic spot nickel prices rose, and some merchants continued to stock up before the holiday. For now, traders are worried about export orders in the next two months due to foreign epidemics. Downstream stainless steel still has high stocks. On the supply side, the current supply in the Philippines is at an annual low and import nickel ore is tight.

3. Future market forecast

The Indonesian Nickel Miners Association recommends that the government relax nickel exports, and the impact of oversupply will lower price expectations. In addition, due to the impact of public health events, demand is expected to weaken, and nickel prices are expected to fluctuate in the short term.

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