SunSirs: Chinese Nickel Prices Fell Slightly by 1.97% on August 12
August 13 2020 08:27:49 SunSirs (Linda)
1. Trend analysis
According to SunSirs nickel price monitoring, on the 12th, spot nickel was quoted at RMB 111,216.67/ton, down 1.97% from the previous trading day, down 9.46% year-on-year, and down 2.21% year-on-year. The 3-month LME copper contract fluctuated higher to close at $6,304 in late Asian trading, an increase of 1.07%. The main force of Shanghai nickel opened at 112,270 yuan. After a slight increase, the price rebounded from a low level and closed at 112,300 yuan, an increase of 0.15%. LME's March nickel closed at $14,155 at the time of writing, an increase of 1.22%.
2. Market analysis
The international agency Standard & Poor's raised the global nickel supply surplus in 2020 to 11,000 tons. Previously, the domestic stainless steel price surged part of the demand for nickel. However, in the short term, the overall supply of the global nickel market is still surplus, and there is still pressure on nickel prices. In terms of demand, the actual terminal demand has not increased significantly, and the number of transactions has not changed significantly. Recently affected by imported cases from the Philippines, major ports have strengthened quarantine. As the largest port for nickel mines, Lianyungang has been affected by this, and the port is more severe. It has not yet affected the shipping schedule, but the unloading and picking cycles will become longer. If the epidemic continues, The strict quarantine lasts for a long time, the shipping vessels are tight, and the shipping schedule may be delayed.
The overall global supply is surplus, and the actual downstream demand has not increased significantly. It is in the low season of consumption. It is expected that the nickel price will fluctuate widely in the near future.
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