1. Trend analysis

According to the nickel price monitoring by SunSirs, on the 9th, the nickel price dropped slightly. The spot price of nickel was 118,400 yuan/ton, down 0.17% from the previous trading day, up 4.1% from the beginning of the year, and down 4.16% year-on-year.

2. Market analysis

European stock markets rose, the US dollar index continued to rise slightly, and the trend of nickel nickel remained stable overnight and closed up 0.21%. The price of ferronickel is sluggish and low. Large stainless steel plants traded several thousand tons of high ferronickel at RMB 1,045 per nickel point, which is still detrimental to ferronickel despite the increase in the return of ferronickel in Indonesia. The price of nickel ore in the Philippines is relatively strong, and the new phase of port inventory shows a decline in inventory. Later arrivals will continue to decrease, but domestic inquiries have declined. LME's recent nickel stocks have continued to remain above 240,000 tons, and domestic nickel stocks have continued to drop to 19,905 tons. The downstream stainless steel plants have significantly reduced production in November 300 series, but the expected output changes in December are limited. The subject of downstream new energy batteries has attracted more attention from the capital market, and the price of related nickel sulfate is relatively strong.

3. Outlook

The macro outlook is good, and the downstream performance is strong. The decline in nickel ore inventory supports the nickel price. It is expected that the nickel price may fluctuate strongly in the near future.

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