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SunSirs: Nickel Prices Edged Up on June 30
July 01 2022 09:11:46SunSirs(John)

Price trend

According to the nickel price monitoring of SunSirs, on the 30th, the average nickel market price was 189,000 RMB/ton, an increase of 2.55% from the previous trading day and a year-on-year increase of 38.51%.

Analysis review

In a new round of economic sanctions against Russia, the British government imposed sanctions on Russia's richest man and the president of Norilsk Nickel Company. Affected by this incident, LME nickel once rose more than 8%, and London nickel closed up 3.22% overnight. However, Britain's imports of nickel products from Russia are very small and the impact is limited. However, whether it will affect the registration and delivery of all Nordic nickel in the LME remains to be seen.

The fundamentals of nickel are expected to be weak, the supply will turn into excess in the second half of the year, the actual consumption level is still weak, and the off-season of consumption is approaching.

Market outlook

Nickel prices rose because the UK announced sanctions on Russian financial oligarchs, but the actual fundamentals are bearish, and nickel's upside may be limited.

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