SunSirs: Nickel Prices in China Rose Slightly by 1.09% on January 14
January 15 2021 08:26:00 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 134,533.33/ton, up 1.09% from the previous trading day, up 4.99% from the beginning of the year, and 18.76% year-on-year.
2. Market analysis
Recently, nickel prices have fluctuated widely. The sales of new energy vehicles in China and Europe are bright, the demand is still good, and the performance of refined nickel is relatively strong. There is still strong support below, but due to the interference of the epidemic, uncertainty has increased. The London Metal Exchange (LME) 13th London nickel stocks reported 249,432 metric tons, an increase of 234 metric tons from the previous trading day.
3. Outlook
Nickel is supported by the new energy industry, superimposed on the impact of tight spot inventories, while the demand for stainless steel is likely to decline near the Spring Festival, the market supply and demand contradiction is expected to weaken. It is expected that nickel prices will remain volatile in the near future.
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