SunSirs: Earlier Gains Have Been Realized, Nickel Prices Continue to Swing （Oct 8-Oct 11）

SunSirs: Oct 11

1. Prices Trend

According to data from SunSirs, nickel prices fluctuated narrowly this week. At the beginning of the week, the nickel price was 137,166.67RMB/t. At the end of the week, the nickel price fell to 136,583.33RMB/t, a slight drop of 0.43%, increasing 52.29% than the beginning of the year and 34.03% year on year.

2. Analysis of quotations tendency

Recently, nickel prices have been in a narrow fluctuation trend. In early July, the news of Indonesia's Mine Ban eventually settled. Nickel prices soared by nearly 40%. After reaching at a high level, the prices then mainly swung narrowly without big fluctuation.

At the beginning of this week, the NI index was 138,830 points. Since then, prices have wung narrowly. It closed at 136,710 points on Friday, with a weekly decline of 0.44%. The LME3 was $17,770 at the beginning of the week and closed at $17,645 at the end of Friday, a 0.40% weekly decline.

When it comes to the downstream, the profit of stainless steel production lost slightly, and the inventory is at a high level. The premium of nickel sulfate is different from that of electrolytic nickel, and the consumption performance is weake. When it comes to the market, this week, nickel transaction is normal, enterprise receiving is flat, downstream purchasing willingness is general.

3. Prospects for the Future Market

Nickel analysts from the Nonferrous Metal Branch of SunSirs believe that Indonesia's mining ban policy has a significant impact on nickel enterprises. The Philippines can hardly afford the import demand of China, and nickel mines will face shortage. However, earlier gains have been realized, coupled with weak consumption and insufficient short-term action, and nickel prices are expected to continue to swing.

Relevant Listed Companies: Jien Industry (600432), Huaze Co-Ni (000693)

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.