SunSirs: On August 3rd, Nickel Prices Plummeted Significantly
August 04 2023 09:44:53 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, the average price of nickel in the spot market was 170,750 RMB/ton on the 3rd, down 2.63% from the previous trading day, and down 6.53% year-on-year.
Analysis review
The US "small non farm" sector exceeded expectations and exerted pressure, with London nickel futures closing 3.08% lower overnight. Driven by macro bearish sentiment, domestic electrolytic nickel production capacity had increased, and spot trading had remained light. The expected supply of electrolytic nickel was still in the incremental cycle, and the new production capacity was about to be smoothly realized. The domestic pure nickel supply was relatively loose. The supply of imported nickel was gradually increasing, and the premium might continue to decrease. The market trading activity was not high, and the shipment volume of traders was limited.
Market outlook
It is expected that nickel prices will be volatile and weaker in the short term.
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