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SunSirs: Chinese Nickel Prices Rose Slightly by 2.05% on October 28
October 29 2020 10:27:03SunSirs(Linda)

1. Trend analysis

According to SunSirs nickel price monitoring, on the 28th, nickel prices rose slightly. Spot nickel was quoted at RMB 122,766.67/ton, up 2.05% from the previous trading day, up 7.94% from the beginning of the year, and down 9.75% year-on-year. The main Shanghai nickel market opened at 119,400 yuan, and the price rose sharply after the opening, closing at 125,210 yuan, an increase of 4.87%. LME March nickel closed at $16,290 at the time of writing, an increase of 2.36%.

2. Market analysis

Nickel Asia, the largest producer and exporter of nickel ore in the Philippines, said on the 28th that after the outbreak of the new crown epidemic, the company has suspended operations in one of its four mines until November 10. The news came out, causing market concerns about the supply of nickel ore, and nickel prices rose accordingly. In addition, due to the rainy season in the Philippines, the output and transportation of local nickel mines are restricted, and the domestic market is willing to hold prices. Holders are optimistic about the prospects for electrolytic nickel demand in the fourth quarter.

3. Outlook

The reduction in supply supports the strengthening of nickel prices, and it is expected that the short-term nickel prices will remain volatile and strong.

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