SunSirs: Nickel Price Fell Slightly by 0.66% on March 25
March 26 2020 08:13:51 SunSirs (Linda)
1. Trend analysis
According to the nickel price monitoring of SunSirs, on March 25, the nickel price fell slightly. The spot nickel price was 92,416.67 yuan / ton, a slight decrease of 0.66% from the previous day, and a decrease of 10.48% year-on-year. The main Shanghai nickel opened at 93,500 yuan, and then the price fluctuated and fell, closing at 91,890 yuan, an increase of 0.22%.
2. Market analysis
Due to the impact of the epidemic, the Philippines’prevention and control has been upgraded. As the main source of nickel ore imports in China, expectations of Philippine nickel output and supply declines are worrying the market to support nickel prices. The downstream just needs to purchase. At present, the end consumption is still weak, but the downstream stainless steel prices are relatively firm. On the macro level, the United States will launch a US $ 2 trillion economic aid plan in hopes of relieving investors from worrying about the current supply. Most metals rebounded overnight, and shocks rose after the nickel opened higher overnight.
3. Outlook
Nickel prices are greatly affected by macro factors, and current supply and demand are weak. Nickel prices are still mainly weak in the short term.
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