1、 Trend analysis
According to the nickel price monitoring of business society, on the 25th, the average nickel market price was 214033.33 yuan / ton, down 2.33% from the previous trading day and up 68.4% year-on-year.
US economic recession concerns dragged down the stock market, led by nonferrous metals, which fell 4.66% overnight. Indonesia’s massive release of ferronickel and incremental imports eased supply concerns and weakened nickel fundamentals. Previously, the main reason for supporting nickel prices was the shortage of domestic pure nickel inventory. However, with the opening of the import window, pure nickel imports, including most deliverable nickel plates, arrived within the week, alleviating the supply concerns caused by low inventory in the early stage. In addition, downstream consumption is still affected by the epidemic, and the nickel price began to weaken. The tight supply of domestic pure nickel is alleviated, superimposed with light downstream demand, and the short-term shock of nickel is expected to be weak.
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