SunSirs: Chines Nickel Prices Rose Slightly by 1.37% on March 22
March 23 2021 08:06:57 SunSirs (Linda)
1. Trend analysis
On the 22nd, nickel prices rose slightly. The spot price of nickel was 124583.33 yuan/ton, an increase of 1.37% from 122,900 yuan/ton on the previous trading day, a decrease of 2.77% from the beginning of the year, and a year-on-year increase of 29.08%.
2. Market analysis
Today, nickel prices rebounded slightly. Crude oil rose. Nickel fluctuated higher every other week and closed up 1.47%. The output of nickel mines in the Philippines dropped. The London Metal Exchange (LME) reported 259,974 metric tons of nickel stocks on the 19th, a decrease of 234 metric tons from the previous trading day. There are not many domestic stainless steel stocks in the downstream, and recent transactions have been good, and nickel prices have been supported. Previously, affected by the high nickel ice incident, after the sharp drop in nickel prices, the price of nickel has been mainly low and narrowly fluctuated. Affected by the rainy season in the Philippines, the price has been supported. However, the rainy season in the Philippines is coming to an end and the supply is expected to increase. It is hard to say that nickel prices will continue to rise. Now is the peak season for work, and there will still be support for nickel prices. The price of nickel is expected to remain fluctuating in the range of 120,000-130,000.
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