1、 Trend analysis
According to the monitoring of nickel prices by the Business Society, on the 15th, the average spot market price of nickel was 167450 yuan/ton, a decrease of 1.12% from the previous trading day and a year-on-year decrease of 7.98%.
Recently, nickel prices have fluctuated widely due to the Indonesian government’s anti-corruption investigation by the Ministry of Energy and Mines, which has led to slow approval of new production quotas for various nickel mines. In addition, some mines are unable to continue shipping due to the depletion of production quotas, causing a tense supply atmosphere in the nickel ore market. After the news was released, nickel prices have slightly increased. However, for nickel prices, although some of the raw materials in the newly added pure nickel projects come from high nickel matte produced by pyrometallurgy, some still come from MHP produced by hydrometallurgy. Therefore, the impact of this news on nickel prices is relatively small. Moreover, under the consensus expectation of a medium-term excess supply of pure nickel in the market, nickel prices have fallen again after rising. On the macro level, the interest rate path of the Federal Reserve is uncertain, and the market is looking forward to more data guidance. Domestic social finance data is significantly lower than expected, and the real estate market sentiment is declining. Macro bearish sentiment suppresses the upward trend. It is expected that under the fundamentals of oversupply, nickel prices will remain low and fluctuate widely.
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