SunSirs: On December 21st, Nickel Prices Slightly Decreased
December 22 2023 14:49:41 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, on the 21st, the average spot nickel market price was 130,808 RMB/ton, a decrease of 1.21% from the previous trading day.
Analysis review
On a macro level, following the announcement of the December interest rate decision by the Federal Reserve, market focus had shifted to the core US November PCE data released this Friday. The market was waiting for important data to be released in order to obtain new guidance, as the US dollar fluctuated. The oversupply of nickel continued to expand, while the overall market demand was weak, and the significant accumulation of nickel inventory had dragged down the price trend. One of the world's largest nickel mining countries, the Philippines, had nickel mines with production costs higher than market prices, leading to a significant decline in shipments. Some mines had suspended shipments to avoid losses, and the nickel mining market had maintained a sluggish transaction situation.
Market outlook
Recently, nickel ore prices were decreased, and it is expected that nickel will experience weak fluctuations in the short term.
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