I. Trend analysis
According to the nickel price monitoring of the business association, the current nickel quotation on July 29 was 110916.67 yuan/ton, which was 0.74% lower than the previous trading day and 1.56% lower than the previous one.
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II. Market Analysis
Recently, the trade war between China and the United States has improved, but the strong dollar has depressed metal prices, and nickel prices have fallen accordingly. Basically, the increment of ferronickel in Xinhai, Shandong Province has been completed. Downstream stainless steel prices have recently loosened, nickel prices lack of kinetic energy, the current refining nickel inventory is low, there is still some support below.
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3. Prospects for the Future Market
Future market forecast: weak supply and demand, expected to maintain a high volatility trend of nickel, short-term attention to the Federal Reserve interest rate negotiations and the twelfth round of Sino-US negotiations and other major events.
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