SunSirs: Nickel Price Dropped 0.35% on Oct 22
October 23 2019 10:54:03 SunSirs (Linda)1. Prices Trend
According to data from SunSirs, on Oct 22, nickel price was 128,016.67RMB/t, 0.35% lower than that of the last trading day, increasing 43.02% than the beginning of the year and 25.62% year on year.
2. Analysis of quotations tendency
Recently, nickel price has been declining. In terms of fundamentals, Indonesia's early ore ban will lead to a domestic nickel iron gap next year, and the Philippines' supply increase is limited, which will lead to a domestic metal shortage of 130,000 tons. However, the downstream stainless steel production profit has declined, the existing steel plants have stopped production, the demand for nickel has decreased, and the nickel price was under pressure.
3. Prospect for the future
Supply and demand are both weak, LME nickel plate inventory is at a historical low, which has certain support for nickel price. In the early stage, the good effects of prohibition of mining was disappeared gradually. Now, nickel price mainly swings weakly. It is expected that nickel will still fluctuate in a weak trend in the short term.
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