I. Trend analysis
According to the monitoring of nickel prices by business associations, nickel prices fell slightly on September 9, and are now quoted at 140583.33 yuan/ton, down 0.61% from the previous trading day, up 57.06% from the beginning of the year and up 32.7% from the previous year.
II. Market Analysis
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Since the beginning of July, because of the earthquake in Indonesia, it has been rumored that the implementation of the ban has caused the price of nickel to soar by nearly 60%. At present, the expectation of shortage of supply still strongly supports nickel price, but the recent price increase of downstream stainless steel is relatively weak. Stainless steel stocks continued to rise last week and remained at a historic high, indicating that the current inventory digestion is slow and downstream demand is still weak, which limits the price of nickel to continue to soar sharply.
3. Prospects for the Future Market
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Future market forecast: Nickel prices are mainly high and weak shocks because of the rapid rise in the early period, but due to the shortage of nickel supply and the closure of nickel mines in the Philippines, they are still optimistic in the medium and long term. Nickel prices are expected to remain high in the short term, pending the release of good news, or have a further upward trend.
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