SunSirs: Nickel Price Fell Slightly on November 8
November 09 2022 09:14:14 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, the average price of nickel in the spot market on August 8 was 194,000 RMB/ton, down 0.21% from the previous trading day and up 34.58% year on year.
Analysis review
The surge in inflation and interest rate hikes weakened metal demand, and LME nickel fell 1.76% overnight. The property market data was poor, the turnover of stainless steel inventory turned weak, the demand for ferronickel was weak, and the inquiry price was scarce.
Spot nickel fell, the supply of goods was still stable, and the decline of spot premium was postponed due to the weakening of the market; However, due to the fact that the actual demand had not been greatly followed up, the market activity was generally low, which increased the shipping pressure of some businesses.
Market outlook
It is expected that nickel price will continue to fluctuate widely.
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