Price trend

This week (1.1-1.10), the nickel market rebounded. According to the monitoring of nickel prices by SunSirs, on January 10th, spot nickel was quoted at 127,191 RMB/ton, with a weekly increase of 1.37%..

Analysis review

Macroscopically, US economic data shows that the overall job market is stable, indicating that the Federal Reserve may slow down the pace of its interest rate cut cycle, which supports the rise of the US dollar exchange rate and is bearish on nickel prices; China's CPI and PPI data have been released one after another, and the central bank has released positive signals to boost market sentiment.

On the supply side, the shipping capacity of Philippine mines was limited, nickel ore prices remained firm, and cost support was strong. The electrolytic nickel market remained loose. On January 10th, the inventory of Shanghai nickel warehouse receipts was 27,558 tons, a decrease of 1,231 tons during the week, but the pressure of destocking still existed; On January 9th, LME nickel inventory was 164,310 tons, an increase of 3,774 tons for the week.

In terms of demand: As the Spring Festival approaching, the demand for nickel in areas such as alloys, batteries, and stainless steel in the spot market is expected to continue to grow, but overall activity is still limited.

Market outlook

There is still resistance to the upward movement of nickel prices under inventory pressure, but with production control in the mining sector and expectations of economic recovery, it is expected that nickel prices may experience fluctuations to be stronger within a certain range.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.