SunSirs: On August 10, Nickel Prices in the Chinese Market Fell 1.18% from the Previous Trading Day
August 11 2021 08:24:17 SunSirs (Linda)
On the 10th, the price of nickel dropped slightly. The spot price of nickel was 140,100 yuan/ton, down 1.18% from the previous trading day, up 9.34% from the beginning of the year, and up 24.42% year-on-year.
Nickel prices continue to drop slightly. Strong non-agricultural data boosted the US dollar, and LME Nickel closed down 3.23% overnight. Low inventory is still an effective support for nickel prices, but the domestic policy of price insuring and stable supply suppressed the short-term callback of nickel prices. Stainless steel is affected by the corrective campaign-style "carbon reduction", and the futures prices have fallen, and the trend of nickel prices has been dragged down by this. New energy consumption remains strong. Jinrui Futures pointed out that strong demand for new energy is the biggest support for nickel. The tightness of nickel sulfate crystals is difficult to reverse in the short term. The energy profit chain will continue.
Spot nickel is expected to maintain a narrow fluctuation trend in the short-term.
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