Nickel price fell on November 28

1、 Trend analysis


According to the nickel price monitoring of the business community, on the 28th, the average price of nickel in the spot market was 197016.67 yuan/ton, down 3.22% from the previous trading day and up 28.76% year on year.


Oil prices were subdued and weakened, with Rennie closing down 2.36% the following week. In November, the initial value of the US PMI was lower than expected, and the domestic market ushered in the reduction of the reserve ratio. Under the interweaving of long and short, it was difficult for the nickel price to go out of the trend market in the future. With the continuous accumulation of nickel stocks and the fact that the epidemic situation has curbed demand, businesses are afraid of high prices and rarely make deals. In terms of nickel ore, the supply and demand remain weak, but the willingness to support the price of the mine is strong, which is expected to be unsustainable due to the weak fundamentals. In terms of downstream stainless steel, the scale of production reduction of steel mills may be expanded in the future, which will form a certain support for the price of stainless steel. However, the downstream transactions are not improved, making it difficult for stainless steel to continue to make breakthroughs upward. Nickel price tends to be weak due to short-term shocks.