SunSirs: Nickel Prices Fell Slightly on August 24
August 25 2022 08:40:54 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, on the 24th, the average nickel spot market price was 176,766.67 RMB/ton, down 2.78% from the previous trading day and up 22.64% year-on-year.
Analysis review
Manufacturing activity in Europe contracted in August, while growth in factory activity slowed in Japan and the United States, and new single-family home sales in the United States plunged to a 6.5 years low in July.
At the beginning of the week, nickel prices strengthened due to the news of Indonesia's policy, but due to limited fundamental support, futures prices continued to fall, and domestic high temperature power cuts affected the output of nickel sulfate plants.
On the supply side, the arrival of Russian nickel increased significantly, while the terminal demand was weak, the transaction of ferronickel was deserted, and the price of nickel was under pressure.
Market outlook
It is expected that the nickel price will remain at a low level, with a wide range of fluctuations.
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