SunSirs: Chinese Nickel Price Rose Slightly 0.07% on March 30
March 31 2020 08:15:04 SunSirs (Linda)
1. Trend analysis
According to SunSirs nickel price monitoring, on March 30, the nickel price was reported at 93,266.67 yuan / ton, up 0.07% from the previous day and down 9.57% year-on-year. The main opening of Shanghai Nickel was at 92,980 yuan, and then the price fluctuated widely, closing at 93,210 yuan, a decrease of 0.25%.
2. Market analysis
Inventories at home and abroad both fell last week. The London Metal Exchange (LME) 27-day nickel inventory fell by 30 metric tons, and the latest inventory was reported at 229,488 metric tons. Last week, nickel stocks in London continued to decline, and total stocks fell by 1,236 metric tons to 229,488 metric tons, a decrease of 0.54%. Domestic Shanghai nickel stocks fell by another 1478 tons last week to 28671 tons, a drop of 4.9%, the lowest level in nearly five months. Worries about supply disruptions caused by mine shutdowns and impeded imports, the market's pessimism has eased slightly, but the demand outlook remains bleak.
3. Outlook
Supply and demand are weak, and nickel prices are expected to fluctuate at low levels.
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