1、 Trend analysis
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According to the nickel price monitoring of the business agency, the nickel price rose slightly on the 9th, with the spot nickel quotation of 120666.67 yuan / ton, up 1.12% compared with the previous trading day, 6.1% higher than the beginning of the year, and 10.27% lower than the same period last year.
2、 Market analysis
The US presidential election came to an end overnight, and macro expectations boosted the nonferrous metals market in the short term. The export of Philippine nickel ore is still limited. Before the rainy season, the domestic nickel ore reserve is lower than the same period level, and the external price of nickel ore is firm. At present, Indonesia is in a state of increasing supply and demand, while domestic demand is facing a high level and supply is expected to decline gradually. With the expected increase of Indonesia’s NPI imports, the tight pattern of domestic nickel ore and ferronickel has been loosened in the short term. Domestic nickel stocks in Shanghai fell 1867 tons to 29528 tons last week, a week-on-week decline of 6.32%, a new low in more than five months.
3、 Future prospects
However, the supply and demand of nickel market are expected to be tight in the short term, while the supply and demand of nickel market are expected to be tight, while the supply of nickel is expected to be weak in the short term.
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