1、 Trend analysis
According to the nickel price monitoring of the business association, on March 3, the spot nickel price rose sharply, with the quotation of 103650 yuan / ton, 2.64% higher than the previous day, 3.32% higher for two consecutive days, 0.27% higher than the previous year. Today, Shanghai nickel opened at 102500 yuan, followed by a rise in price before a fall in price, closing at 102350 yuan, up 0.34%. LME3 nickel closed 0.32% lower at $12640 at the end of the month.
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2、 Market analysis
In the past two days, nickel prices have rebounded sharply. On the one hand, Indonesia’s first case of virus infection has emerged, and the uncertainty of nickel supply prospects in India has boosted prices. On the other hand, since March, due to the effective control of the domestic epidemic, the provinces have returned to work one after another, and the downstream demand is expected to boost.
3、 Future prospects
Future forecast: considering the impact of Indonesia’s ban on mining and the rainy season in the Philippines, domestic smelters and traders have stockpiled nickel ore in advance. Since September last year, China’s import of nickel ore has increased significantly, so the current supply of nickel ore is relatively abundant, so the impact of the epidemic on the supply and demand of nickel ore is limited. However, the downstream recovery gradually supports nickel price, and it is expected that the short-term fluctuation of nickel price will be strong.
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