SunSirs: On November 19, China's Nickel Prices Fell Slightly by 0.17%
November 20 2020 09:25:46 SunSirs (Linda)
1. Trend analysis
According to the nickel price monitoring by SunSirs, on the 19th, the price of nickel dropped slightly. The spot price of nickel was 118,400 yuan/ton, down 0.17% from the previous trading day, up 4.1% from the beginning of the year, and down 4.16% year-on-year. The main force of Shanghai Nickel opened at 116380 yuan. After the opening, the price first fell and then rose, closing at 116470 yuan, an increase of 0.16%. LME's March nickel closed at $15,765 at the time of writing, an increase of 0.06%.
2. Market analysis
On the supply side, domestic nickel ore is tight, and nickel sulfate consumption has improved. In October, sales of new energy vehicles increased by 104.5% year-on-year, and the supply of stainless steel was sufficient. Indonesia's ferronickel construction is proceeding step by step, and there will be an increase in supply in the future. The supply of ferronickel tends to be loose, stainless steel production remains high, and consumption performance is flat, putting upward pressure on prices. In the first nine months of this year, the global nickel market had a surplus of 50,000 tons, while global demand was 169,000 tons less than the same period last year. With oversupply in the market, nickel prices meet resistance when they rise.
3. Outlook
The supply of nickel ore is still tight, and the price of stainless steel has fallen sharply. It is expected that the short-term nickel price will remain volatile and weak.
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