SunSirs: On September 27th, Nickel Prices Plummeted Significantly
September 28 2023 14:11:45 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, on the 27th, the average spot market price of nickel was 154,483 RMB/ton, a decrease of 4.03% compared to the previous trading day.
Analysis review
After the Federal Reserve's September interest rate meeting, Federal Reserve officials stated last week that it was possible to raise interest rates at least once again, and borrowing costs might need to remain at a higher level for a longer period of time. The US dollar had hit a ten-week consecutive high, the US dollar had climbed to a new ten-month high, and US stocks had all fallen to a low of about four months. Non ferrous metals generally closed down, while nickel prices had plummeted.
The domestic supply of pure nickel remained sufficient, and there was a significant increase in the supply of pure nickel, nickel iron, and nickel intermediate products in the later stage. However, the dual reserve sentiment was gradually coming to an end, and the slowdown and accumulation of LME's nickel inventory had put pressure on nickel prices. Indonesia had decided not to issue new mining quotas within the year, easing concerns about nickel ore supply and weakening nickel iron prices.
Market outlook
Under the dual suppression of macro and fundamental factors, it is expected that the nickel price will mainly fluctuate and weaken in the short term.
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