1、 Trend analysis
According to the nickel price monitoring of the business agency, on the 19th, the average nickel market price was now quoted at 175116.67 yuan / ton, up 5.13% from the previous trading day and 21.86% year-on-year.
Recently, spot nickel rebounded at a low level. The main reason for the rebound is that last week’s data showed that the U.S. economy may not enter recession soon. In addition, Fed officials still cooled their expectations of raising interest rates under the condition of good data. In addition, the sharp rise in crude oil led to a general rise in bulk commodities, with Lun nickel closing up 3.60% overnight. In terms of supply and demand, the inventory of LUNI nickel continued to fall last week. Since the end of May, the inventory has declined, with the latest inventory level of 62.532 tons, constantly refreshing the low level for many years. Although domestic production and overseas influx of goods have increased, the cost of ferronickel plant is high and the price is strong. The downstream stainless steel inventory has fallen back to the normal range in recent years, indicating that demand has picked up. In terms of production, affected by early losses, domestic stainless steel production fell month on month.
Forecast: the macro will drive the nickel price to rise, but the fundamentals are general. It is expected that the nickel price will fluctuate at a low level in the short term.
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