Price trend

According to the nickel price monitoring of SunSirs, on the 6th, the average nickel market price was 222,683.33 RMB/ton, down 3.2% from the previous trading day and up 68.25% year-on-year.

Analysis review

The appreciation of the U.S. dollar and the strengthening of U.S. bond yields put pressure on metals, with London nickel closing down 2.01% overnight. Against the backdrop of rising interest rates, inflation is high, recession fears intensify, and demand for metals is bleak. Despite the sharp decline in domestic nickel smelting activities, global nickel smelting activities continued to increase overall. It shows that high prices stimulate the production of global nickel products, and the supply and demand relationship in the nickel market is playing a strong role, which is conducive to pushing nickel prices back to fundamentals.

A magnitude 6 earthquake occurred in the Philippines on the 5th, but the distance from the main mining area did not affect the operation of nickel mines. The shipment of nickel mines in the Philippines dropped by 30% in April. Considering the impact of domestic anti epidemic on the entry of nickel ore into the customs, the supply of nickel ore decreased in April, which was good for the price of nickel.

Market outlook

Nickel is expected to maintain a partial shock pattern in the short term.

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