SunSirs: Dollar Fell, Nickel Prices Surged Up
September 20 2022 10:06:56 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, on the 19th, the average nickel spot market price was 197,266.67 RMB/ton, an increase of 3.18% from the previous trading day and a year-on-year increase of 34.39%.
Analysis review
The dollar fell, with London nickel closing up 5.33% overnight. Recently, the market digested the negative external sentiment, the overall atmosphere of industrial products was warmer, and the non-ferrous metals generally rebounded. The volume of overseas nickel mines to ports was limited, the refined nickel inventory was still at a low level, and the low inventory of pure nickel continues and was unlikely to rebound significantly in the short term. New energy demand for nickel sulfate rebounded, and stainless steel prices rose, supporting nickel prices.
Market outlook
The fundamentals of nickel have not changed much and are mainly dominated by the macro. The Fed's interest rate decision will be held this week. The market believes that the probability of raising interest rates by 75 basis points is high. At that time, the US dollar index may rise, which will put pressure on nickel prices. It is expected that the price of nickel will fluctuate to be strong.
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