SunSirs: Nickel Prices Slightly Declined on November 8th
November 09 2023 09:49:25 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, on the 17th, the average spot market price of nickel was 140,541.67 RMB/ton, a decrease of 2.6% from the previous day and a year-on-year decrease of 27.56%.
Analysis review
The rise of the US dollar put pressure on bulls to stop earnings and leave the market, with London nickel futures closing down 2.52% overnight. Several officials from the Federal Reserve made hawkish remarks, stating that the US dollar had started a new round of rebound, the overall commodity market was under pressure and falling, and external metals were operating in a weak position. Fundamentally, Indonesia had increased production capacity for intermediate products and nickel plates, and domestic electrolytic nickel production capacity was constantly being released. Surplus expectations were gradually being fulfilled. The situation of nickel oversupply had not been improved, downstream demand for nickel sulfate was sluggish, steel mills were shutting down for maintenance, and nickel price fundamentals were still under pressure.
Market outlook
It is expected that nickel prices will remain weak and volatile in the short term.
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