According to the nickel prices monitoring of SunSirs, the spot price on November 12 was 130,666.67RMB/t, a slight decrease of 2.26% compared with 133,683.33RMB/t on the previous trading day, a rise of 45.98% compared with the beginning of the year, and a year-on-year increase of 30.10%. Nickel prices were now weak.

Indonesia resumes export

Indonesia announced on October 28 that it would suspend the iinvestigation of illegal nickel ore export. Indonesia said on November 11 that it had approved nine enterprises to restart nickel ore export. Nickel supply eased and nickel prices fell.

Nickel inventory in Shanghai Futures Exchange rose

Exchange data released on last Friday showed nickel inventory in Shanghai Futures Exchange rose to 30,831 tons, the highest level since June 1, 2018, easing concerns about tight supply. LME inventory destocking slowed down, with a weekly drop of 234 tons.

Downstream stainless steel mainly dropped slightl

Recently, the price of downstream stainless steel has mainly been stable and weak, with a price of 14,171.43RMB/t. The high inventory of stainless steel and the expectation of long-term project production, coupled with weak demand, all make it difficult for the price of stainless steel to rise.

To sum up, a nickel analyst of SunSirs believes that the supply will ease in the short term, and the downstream stainless steel will fall slightly, making nickel prices drop sharply. In the long run, Indonesia's mining ban will still take effect next year, and the Philippines will enter the rainy season, so the supply will be affected, and nickel price is expected to remain the trend of shocking slightly at high.

Relevant listed companies: Huayou Cobalt Industry, Zhongjin Lingnan, GEM, Hailiang Shares.

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