On November 2, the spot nickel price dropped sharply, quoting 146,650 yuan/ton, a slight increase of 0.22% from the previous trading day, an increase of 14.45% from the beginning of the year, and a year-on-year increase of 23.76%.

China's demand concerns triggered a continuous decline in selling inventories, and LME nickel closed up 0.33% overnight. The supply side is still tight. In terms of demand, downstream steel mills’ production restrictions still drag down the demand for the nickel market, and new energy companies’ production restrictions are superimposed. Ternary cathode material and ternary precursor companies in Hunan, Jiangsu, Guangdong, Fujian and other provinces are gradually restoring production capacity, and Zhejiang is partially controlled. Still more stringent. It is expected that nickel will mainly fluctuate in the short-term.

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