1、 Trend analysis
According to the nickel price monitoring of the business agency, on July 6, the spot nickel price was 105083.33 yuan / ton, up 0.35% compared with the previous trading day, 7.61% lower than that at the beginning of the year, and 5.88% higher than that at the beginning of the year. Shanghai nickel opened at 106030 yuan, and then the price fluctuated and strengthened, closing at 107100 yuan, up 1.20%. LME3 nickel closed at US $13230, up 1.97%.
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2、 Market analysis
According to mining week, S & P global, a rating and research agency, said industrial metals prices have risen since the global blockade of covid-19 was relaxed, the economy reopened, and monetary stimulus from banks and governments. At present, nickel ore prices are still strong, and Philippine supply is not as expected. London Metal Exchange (LME) 2-day lunni inventory was 234264 metric tons, 48 tons lower than the previous trading day. However, lunni’s stocks rose slightly last week, with total weekly stocks up 294 tonnes to 234264 tonnes, up 0.13% for the week. Domestic Shanghai nickel inventory increased 431 tons to 29422 tons last week, an increase of 1.49%, to a three and a half month high. Domestic and foreign nickel inventories showed an upward trend, indicating a decline in market demand.
3、 Future prospects
Aftermarket forecast: Although the impact of nickel ore supply supports nickel price, the downstream stainless steel demand is weak, and nickel inventory is high, and nickel price is expected to fluctuate mainly in the short term.
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