1. Trend analysis

According to SunSirs nickel price monitoring, nickel prices rose first and then fell last week. The spot price of nickel was 138,200 yuan/ton, an increase of 0.57% from 137416.67 yuan/ton at the beginning of the week, an increase of 7.86% from the beginning of the year, and a year-on-year increase of 25.67%. At the beginning of this week, the main force of Shanghai nickel opened at 132660 points, and then the price fluctuated sharply. It closed at 133380 points on Friday, a weekly increase of 0.75%. London Nickel closed at $18090 as of Friday's deadline, a weekly increase of 0.25%.

2. Market analysis

On the macro level, U.S. Treasury interest rates have risen, but inflation expectations have not followed at the same time. The market is worried about the gradual withdrawal of quantitative easing. However, China's economic data is strong, and China's annual GDP data is more eye-catching. The commodity market has a certain boost. The current supply of refined nickel is relatively stable, the downstream consumption of stainless steel is better than the same period in previous years, the consumption of new energy is strong, the spot supply is tight, there is still strong support below, and the supply and demand of refined nickel in the middle line is improving.

3. Outlook

The current good macro environment can provide certain support for the high-level consolidation of nickel prices, and the fundamentals have not changed much. It is expected that nickel prices will continue to maintain high-level fluctuations in the near future.

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