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SunSirs: On November 9, China's Nickel Prices Rose Slightly by 1.12%
November 10 2020 08:25:30SunSirs(Linda)

1. Trend analysis

According to nickel price monitoring by SunSirs, nickel prices rose slightly on the 9th. Spot nickel was quoted at RMB 120,666.67/ton, up 1.12% from the previous trading day, up 6.1% from the beginning of the year, and down 10.27% year-on-year.

2. Market analysis

The US presidential election is basically over, and the macro expectation will boost the non-ferrous market in the short term. The export of nickel ore in the Philippines is still restricted. Before the rainy season, domestic nickel ore stocks were lower than the level of the same period, and the external price of nickel ore remained firm. At present, Indonesia is in a state of double increase in supply and demand, while domestic demand is facing high demand and supply is expected to gradually decline. As Indonesia's NPI imports are expected to increase, the short-term domestic tightness of nickel ore and ferronickel has loosened. Domestic nickel stocks in Shanghai decreased by 1,867 tons to 29,528 tons last week, a 6.32% weekly drop, setting a new low in more than five months.

3. Outlook

In the nickel market, the supply is tight, and traders are reluctant to sell. In the short term, both supply and demand are cautious. However, the downside is limited. It is expected that the short-term nickel price will remain volatile and strong.

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

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