1、 Trend analysis
According to the monitoring of nickel prices by the Business Society, on the 23rd, the average spot market price of nickel was 12899.67 yuan/ton, a decrease of 2.41% from the previous day and a year-on-year decrease of 37.05%.
The minutes of the November meeting of the Federal Reserve indicate that it will maintain restrictive interest rates and will act cautiously in the future, with the possibility of further interest rate hikes. After the data was released, the US dollar stopped falling and turned higher, while US stocks fell. The sales data of existing homes in the United States for October has been declining for five consecutive months, reaching a new low since 2010. The sales data of existing homes is often seen as an indicator of economic health, thereby putting pressure on non-ferrous metal prices. The nickel surplus continues, and due to the expansion of steel mills’ production reduction scale, the cost side nickel iron price weakens. The spot market atmosphere is pessimistic, and the downward space for stainless steel expands; After the recovery of profits in steel mills, some enterprises began to resume production. The high inventory of stainless steel and nickel iron links led to internal competition in the iron mills, which further led to the collapse of stainless steel costs and negative feedback on the industrial chain, bringing certain pressure to the nickel market. Nickel is expected to remain weak and volatile in the short term.
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