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SunSirs: On April 22nd, Nickel Prices Slightly Increased
April 25 2024 15:07:47SunSirs(John)

Price trend

According to the monitoring of nickel prices by SunSirs, on the 22nd, the average spot nickel market price was 146,883.33 RMB/ton, an increase of 4.33% from the previous trading day.

Analysis review

The decline of the US index boosted the industrial metal market, with London nickel closing up 4.91% the following week. With the decline of the US dollar index, commodity prices denominated in US dollars had become more attractive. At the same time, the PMI of manufacturing in China and the United States had rebounded to the expansion range, and this trend, combined with the impact of inflation and de dollarization, had driven up the industrial metal market. The domestic production reduction and storage disturbance had attracted funds to be bullish, with stainless steel prices rising along with nickel prices. The nickel iron market seemed to have been affected by the news of collection and storage, leading to a positive performance in nickel iron transaction activity, an increase in spot transaction prices, and cost support for the stainless steel market. The production and sales in the new energy sector were improving, driving expectations of nickel sulfate consumption demand. The May Day holiday is approaching, and there is an expectation of replenishing inventory in the market.

Market outlook

It is expected that nickel prices will continue to fluctuate at high levels in the short term.

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