1、 Trend analysis
According to the nickel price monitoring of the business association, on June 10, the spot nickel price was 103916.67 yuan / ton, down 0.94% compared with the previous trading day, up 6.79% year on year. Shanghai nickel opened at 104300 yuan, then fell in price shocks, closing at 103180 yuan, down 1.45%. LME3 nickel closed 0.54% lower at $12840 at the end of the month.
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2、 Market analysis
The decline of domestic and foreign inventory slowed down, the overall demand was weak, the market showed no price, and traders generally said that the shipment was not smooth. In order to facilitate the transaction, some businesses still delivered at low price, and the downstream side maintained on-demand procurement. At present, the supply of nickel ore in the Philippines is recovering gradually, but the supply of nickel ore in the Philippines is mainly low-grade nickel ore, and there are few high-grade nickel ore. with the gradual consumption of nickel ore inventory in the early stage, the domestic nickel iron grade will also decline. Currently, the price of nickel ore remains high, and the supply of domestic nickel ore is still tight. It is reported that in June, the output of cold rolled stainless steel row increased by 1.77% month on month, supporting the price of nickel.
3、 Future prospects
Future forecast: stainless steel inventory continues to decline. If the output of stainless steel remains stable growth, the short-term demand for nickel will still be pulled. However, with the completion of downstream replenishment and the gradual impact of the epidemic on demand, the market is still worried about the performance of downstream demand in the later period. Nickel price is expected to perform strongly in the short term, or weak in the medium term.
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