SunSirs: Nickel Price Fell 1.89% on January 15
January 16 2020 09:28:30 SunSirs (Linda)
1. Trend analysis
According to the nickel price monitoring of SunSirs, on January 15, the spot nickel price fell slightly, with a quotation of 111,141.67RMB/ton, down 1.89% from the previous day, up 20.33% year on year. Shanghai nickel opened at 109,140RMB, followed by a narrow range of price fluctuations, closing at 10,9140RMB, up 0.22%.
2. Market analysis
LME nickel inventory rose to a nine month high and closed down 1.52% overnight in a weak shock. On the supply side, the Philippines, New Caledonia and Guatemala will play an alternative role in nickel import, but they cannot fully meet the demand. In terms of demand, the domestic downstream procurement is becoming increasingly light, the consumption of stainless steel at the end of the year is light, and some steel plants and ferronickel plants reduce production and overhaul. Indonesia's early ore ban has changed the supply pattern of nickel market, and domestic ferronickel production capacity has shifted to Indonesia.
3. Future prospects
The Spring Festival is approaching, there is no obvious demand release in the downstream, there are also less inquirers, supply and demand are weak, and nickel is expected to maintain a weak trend in the short term.
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