1. Trend analysis

According to nickel price monitoring by SunSirs, on the 12th, nickel prices rose slightly, quoting 117,216.67 yuan/ton, a slight increase of 0.41% from the previous day, an increase of 3.06% from the beginning of the year, and a year-on-year decrease of 14.18%. The main force of Shanghai Nickel opened at 115,200 yuan. After the opening, the price moved strongly and closed at 117,080 yuan, an increase of 0.98%. LME March nickel closed at $15,235 at the time of writing, an increase of 0.40%.

2. Market analysis

Previously, negotiations on the US fiscal stimulus plan were restarted, and the weakening of the US dollar boosted the trend of base metals last weekend, and nickel prices closed positive. The pace of Philippine nickel ore export is still limited by the epidemic. The domestic nickel ore import volume may be lower than the same period. The continuous increase in the price of nickel ore on the outside will promote the domestic NPI output or a small continuous decline after September. On the downstream side, sales of electric vehicles in China and Europe hit new highs, and the prospects for nickel for automotive batteries are optimistic; domestic stainless steel 300 series production continues to record high levels.

3. Outlook

The short-term tight pattern of nickel ore and ferronickel remains unchanged, and the new steelmaking capacity in Indonesia is about to be put into production. It is expected that the short-term fluctuation of nickel prices will be strong.

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