1. Trend analysis

On April 13, the price of nickel continued to drop slightly. The spot price of nickel was 122416.67 yuan/ton, down 1.29% from 124016.67 yuan/ton in the previous trading day, down 4.46% from the beginning of the year, and up 25.11% year-on-year.

2. Market analysis

Spot nickel has fallen for two consecutive days this week, almost reversing all the gains since April. Nickel prices have been hovering around 120,000 yuan since the high nickel matte incident in early March. This time, the weak price decline was mainly due to macro factors, the slight increase in the US dollar and the country's promotion of price stability for bulk commodities. In addition, the recovery of mineral supply in the Philippines after the end of the rainy season is expected to suppress nickel prices. The overall output in April was also slightly lower than that in March, but the overall situation was still high, and the overall demand was relatively stable. It is expected that spot nickel will continue to fluctuate around 120,000 yuan in the short term.

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