SunSirs: On June 5th, Nickel Prices Slightly Decreased

https://www.chemnet.com   Jun 06,2024 SunSirs

Price trend

According to the monitoring of nickel prices by SunSirs, on the 5th, the average spot nickel market price was 144,016.67 RMB/ton, a decrease of 2.28% from the previous trading day.

Analysis review

On a macro level, the recently released ISM manufacturing PMI in the United States fell below expectations and below the boom bust line, indicating that fundamental pressure on the US economy is emerging. In addition, the market focus was on the non-farm employment data released this Friday evening. Under cautious bias and interweaving, nickel prices were operating under pressure.

Pure nickel was temporarily facing a situation of abundant supply, leading to an increase in trading volume, but the primary nickel market may shift towards oversupply in the medium term. The transportation of Philippine nickel ore to Indonesia helped alleviate supply pressure, but Indonesia's approval of nickel mining quotas was still limited and it will take time to achieve volume expansion.

In terms of nickel sulfate, weak downstream demand had put pressure on the price of nickel salts. The decline in nickel prices had eased the cost pressure on salt plants, making it difficult for them to maintain prices, and prices may decline.

Market outlook

It is expected that nickel prices will experience weak fluctuations in the short term.

If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.

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