Price trend

According to the nickel price monitoring of SunSirs, on the 10th, the average price of nickel in the spot market was 185,983.33 RMB/ton, down 2.71% from the previous trading day and up 29.39% year on year.

Analysis review

The rising interest rate helped the US dollar rise, and London nickel futures fell 1.45% overnight. The expectation of the Federal Reserve's aggressive interest rate increase is approaching step by step, which makes investors worry that the global economy is in recession. Influenced by macro sentiment, the nickel market was under pressure and London's nickel inventory rebounded. Refined nickel was largely replaced by nickel intermediate products, and poor market demand will lead to excess nickel supply.

The fundamentals of nickel supply and demand did not change much during the holiday, and the overall situation was dominated by macro changes. The domestic pre festival replenishment had reduced the low level of nickel and stainless steel stocks. After the festival, pay attention to the downstream's willingness to take more goods. Ferronickel import supply is loose, and domestic inventory is at a relatively high level.

Market outlook

With regard to the future market, nickel demand is driven by new energy batteries, and the improvement of downstream stainless steel demand depends on the promotion of delivery guarantee building. Nickel and stainless steel are expected to show a weak pattern of shock in October.

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