Price trend

According to the nickel price monitoring of SunSirs, on the 23rd, the spot nickel fell slightly. The spot price of nickel was reported at 179,183.33 RMB/ton, down 0.63% from the previous trading day and up 22.84% year-on-year.

Analysis review

U.S. stocks fell, and investors' risk appetite weakened. London Nickel bucked the trend and closed down 0.04%. Due to the implementation of the short-term U.S. sanctions against Russia, and the gradual release of new production capacity in Indonesia on the supply side, the Shanghai nickel market fell from a high level. The overseas resources flowed in, the domestic nickel inventory rebounded, and the high price suppressed the enthusiasm of downstream purchases. However, the fundamentals of nickel were acceptable, and the tight supply pattern still existed.

Market outlook

It is expected that nickel prices will fluctuate within a narrow range in the short term.

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