SunSirs: Nickel Prices Rebounded Slightly on May 30th

https://www.chemnet.com   May 31,2023 SunSirs

According to the monitoring of nickel prices by SunSirs, on the 30th, the average spot market price of nickel was 179,833.33 RMB/ton, an increase of 2.91% from the previous trading day and a year-on-year decrease of 21.04%.

Analysis review

LME was closed for a day, and the US debt agreement was favorable and weakened the US dollar. The bright US consumer economy boosted metal confidence. With the positive progress of the US bond limit, macro risk sentiment had eased, and the overnight Shanghai nickel main contract closed 0.6% higher. Nickel supply continued to increase, and the concentrated arrival of imported nickel may impact the domestic market in the near future. However, global refined nickel inventory was still at a historical low, and the combination of low inventory and destocking had contributed to the rise in nickel prices.

Downstream stainless steel production remained high in May, mainly due to industry competition and minor profit repairs, with actual demand being flat. In terms of new energy, although lithium carbonate had temporarily stopped falling and stabilized, nickel sulfate and cobalt sulfate were still being sold at reduced prices. Alloy and electroplating companies maintained an attitude of buying at low prices and not buying at high prices.

Market outlook

　　Strong supply and weak demand, it is expected the rebound in nickel prices will be limited.

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