SunSirs: Nickel Prices are Expected to Fluctuate and Strengthen in the Short Term
April 21 2023 10:05:31
Latest nickel price (4-19): 202033.33 RMB/ton, bullish in the future
Key points of analysis: The decline of the US dollar and the rebound in domestic economic prosperity have boosted the futures market, with London Nickel closing up 3.75%, and Shanghai Nickel also rising 4.2% driven by this. On April 14th, a 7.1 magnitude earthquake occurred in Java Island, Indonesia, with a depth of 600 kilometers. Indonesian nickel ore products account for about 30% of the world's nickel production and are the world's largest nickel supplier. This earthquake event has created a hype point for the nickel market, which has driven a significant rebound in nickel prices due to supply concerns. In addition, economic downturn and environmental factors have added uncertainty to the timely production of new production capacity for nickel electrowinning. The driving force behind the narrowing of profits from MHP nickel electrowinning production has weakened, and there are concerns about supply. In terms of downstream demand, downstream stainless steel prices have increased to some extent driven by the rise in nickel, but overall order acceptance has been poor; From the perspective of the new energy industry, downstream orders are still weak.
Future forecast: Boosted by earthquake news, the overall supply and demand of nickel has improved compared to before, but demand has not really improved, suppressing the upward trend of nickel prices. It is expected that nickel prices will experience strong short-term fluctuations, but the upward trend may be limited.
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