1、 Trend analysis
According to the monitoring of nickel prices by Business Society, on the 21st, the average spot nickel market price was 130808 yuan/ton, a decrease of 1.21% from the previous trading day.
On a macro level, following the announcement of the December interest rate decision by the Federal Reserve, market focus has shifted to the core US November PCE data released this Friday. The market is waiting for important data to be released in order to obtain new guidance, as the US dollar fluctuates. The oversupply of nickel continues to expand, while the overall market demand is weak, and the significant accumulation of nickel inventory has dragged down the price trend. One of the world’s largest nickel mining countries, the Philippines, has nickel mines with production costs higher than market prices, leading to a significant decline in shipments. Some mines have suspended shipments to avoid losses, and the nickel mining market has maintained a sluggish transaction situation. Recently, nickel ore prices have decreased, and it is expected that nickel will experience short-term weak fluctuations.
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