SunSirs: Chinese Nickel Prices Rose Slightly by 1.84% on December 14
December 15 2020 10:10:07 SunSirs (Linda)
1. Trend analysis
According to nickel price monitoring by SunSirs, nickel prices rose slightly on the 14th. Spot nickel was quoted at RMB 132,750/ton, up 1.84% from the previous trading day, up 16.72% from the beginning of the year, and up 19.49% year-on-year. The main force of Shanghai Nickel opened at 128,700 yuan. After the opening, the price went up smoothly and closed at 130930 yuan, an increase of 1.30%. LME March nickel closed at $17,600 at the time of writing, an increase of 1.53%.
2. Market analysis
The Philippines coincides with the shortage of nickel ore in the rainy season, the decline in refined nickel inventory and the good demand for battery-grade nickel. In addition, the demand for stainless steel this year has been stable, and the market performance is weak on the outside and strong on the inside. In November 2020, the domestic production of electrolytic nickel was 12,167 tons, down 1.72% month-on-month and 8.33% year-on-year. The operating rate of domestic electrolytic nickel smelting in November was 70.33%, a slight decrease from the previous month's operating rate of 71.56%. The current production and operation of the refinery will remain in a normal state. At the end of the year, due to the off-season of demand, short-term production may not expand further.
3. Outlook
Nickel prices are expected to fluctuate strongly in the near future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
- 2024-04-11 SunSirs: The Trading Overview on Nonferrous Metals of Shanghai Futures Exchange on April 10th
- 2024-02-21 SunSirs: Nickel Morning Newspaper on February 20th
- 2024-02-01 SunSirs: The nickel price in January mainly fluctuated widely
- 2024-01-16 SunSirs: Nickel Prices Had Slightly Increased This Week (January 8-12)
- 2024-01-04 SunSirs: On January 3rd, Nickel Prices Slightly Decreased
