SunSirs: On September 13th, Nickel Prices Slightly Decreased
September 14 2023 09:43:42 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, on the 13th, the average spot market price of nickel was 163,850 RMB/ton, a decrease of 2.09% compared to the previous trading day.
Analysis review
On the eve of the release of August CPI data in the United States, the cautious atmosphere in the market rose, and the US dollar index strengthened again, with the London Nickel closing 3.03% lower overnight. In a short time, frequent disturbances occur at the mining end in Indonesia; The rainy season was approaching in the Philippines; Due to pollution issues, the Indonesian government had recommended five nickel mines to suspend production and rectify, providing support for nickel prices. However, domestic electrolytic nickel production continued to increase in volume, with weak spot transactions for refined nickel. Pure nickel supply suppressed nickel prices, and the focus shifted downwards. LME nickel inventory had accumulated in a short time.
Market outlook
The domestic nickel supply is strong and the demand is weak. With the release of new production capacity, the long-term trend of nickel prices is downward, but there is still a lot of short-term mining news disturbance, which forms support for nickel. Nickel prices are expected to fluctuate widely.
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