This week (1.1-1.10), the nickel market rebounded. According to the monitoring of nickel prices by Shengyi Society, on January 10th, spot nickel was reported at 127191 yuan/ton, with a weekly increase of 1.37%.
Macroscopically, US economic data shows that the overall job market is stable, indicating that the Federal Reserve may slow down the pace of its interest rate cut cycle, which supports the rise of the US dollar exchange rate and is bearish on nickel prices; China’s CPI and PPI data have been released one after another, and the central bank has released positive signals to boost market sentiment.
On the supply side, the shipping capacity of Philippine mines is limited, nickel ore prices remain firm, and cost support is strong. The electrolytic nickel market remains loose. On January 10th, the inventory of Shanghai nickel warehouse receipts was 27558 tons, a decrease of 1231 tons during the week, but the pressure of destocking still exists; On January 9th, LME nickel inventory was 164310 tons, an increase of 3774 tons for the week.
In terms of demand: As the Spring Festival approaches, the demand for nickel in areas such as alloys, batteries, and stainless steel in the spot market is expected to continue to grow, but overall activity is still limited.
Market forecast: There is still resistance to the upward movement of nickel prices due to inventory pressure, but with production control in the mining sector and expectations of economic recovery, it is expected that nickel prices may experience strong range fluctuations.
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