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SunSirs: Nickel Price Slightly Increased by 0.75% due to Poor Downstream Operation Rate
February 26 2020 08:58:42SunSirs(Linda)

1. Trend analysis

According to the nickel price monitoring of SunSirs, on February 25, the spot nickel price increased slightly, with the quotation of 102,416.67 RMB/ton, 0.75% higher than the previous day, and 20.33% higher than the previous year. Today, Shanghai nickel main contract opened at 102,040 yuan, followed by a stronger price, closing at 102,670 RMB, down 0.05%. LME March ended 1.69% higher at $12,670.

2. Market analysis

Recently, nickel price has been in a downward trend, as stainless steel downstream enterprises are not fully back to work, stainless steel inventory remains high. The growth rate of new energy vehicles continued to decline, the negative growth of new energy vehicles affected the demand for nickel sulfate, and the production of ferronickel remained normal. However, Indonesia's ban on mining and the reduction of supply in the Philippines in the rainy season have certain support for nickel price. Domestic nickel mine has a certain amount of reserves, and there is no signal of nickel mine shortage for the time being, and nickel mine price remains stable.

3. Future prospects

Affected by uncertainty factors such as global public health events, the global economic outlook is worrying, market risk aversion is still in the upper hand, and the downstream transaction situation is not good. However, with the start-up of factories around the world, the nickel supply is reduced, and the short-term upward pressure consolidation trend of nickel is expected.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

 

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