1、 Trend analysis

According to nickel price monitoring of business association, nickel price continued to drop slightly on the 12th, with spot nickel price of 124016.67 yuan / ton, down 2.83% from 127625 yuan / ton on the previous trading day, down 3.21% from the beginning of the year, and up 26.5% year on year.

2、 Market analysis

The US dollar rose slightly, international metals fell, and nickel prices also fell slightly. After the rainy season in the Philippines, the supply of nickel mines will resume. In the future, the shipment of mines in the Philippines will gradually increase, and the supply is expected to increase in the second quarter, which will exert pressure on the nickel price to a certain extent. The output of electrolytic nickel in April had little change compared with that in March, with 13000 tons, and the downstream demand was stable. In terms of traditional stainless steel, the output of 300 series stainless steel continued to maintain high production in April, which was flat on a month on month basis and supported the nickel price. The social inventory of refined nickel is still relatively low, and the warehouse receipts and inventory of the exchange are less than 10000, which is easy to rebound. It is expected that the short-term decline of nickel price may be limited.