SunSirs: On January 3rd, Nickel Prices Slightly Decreased
January 04 2024 15:12:31 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, the average spot nickel market price on the 3rd was 130,050 RMB/ton, an increase of 1.04% from the previous trading day.
Analysis review
US bond yields rose, the US dollar rebounded, and metals generally closed lower under pressure. The continuous release of new production capacity for nickel intermediate products and nickel iron in China and Indonesia, the maintenance of excess supply in the nickel market, and the increasing accumulation of LME nickel inventories had limited the extent of price rebound. Recently, nickel sulfate prices had stopped falling and stabilized, and stainless steel prices had rebounded weakly supported by expectations of restocking. The disturbance of nickel surplus and the pressure of accumulated inventory had increased, but post holiday bargain hunting and restocking transactions had warmed up, putting pressure on the rebound of nickel prices.
Market outlook
It is expected that nickel prices will fluctuate at a low level in the short term.
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