1、 Trend analysis
According to the nickel price monitoring of the business association, on May 20, the spot nickel price was 103133.33 yuan / ton, up 0.55% compared with the previous trading day, up 4.69% year on year. Shanghai nickel opened at 102600 yuan, followed by a narrow range of price fluctuations, closing at 102580 yuan, up 0.49%. LME3 ended 0.94% higher at $12375 at the end of the month.
2、 Market analysis
In the near future, nickel price fluctuated broadly, and downstream stainless steel consumption improved significantly, which brought good results to nickel price, and nickel price fluctuated slightly. At the supply side, the epidemic has an impact on Indonesia’s nickel, mainly focusing on the flow restriction of personnel and equipment transportation, affecting the construction progress of new projects in the future. The Philippines has relaxed the isolation measures since May 16, but due to the restrictions of personnel flow and port quarantine and isolation measures, the shipping efficiency has not been restored to the normal level. It is expected that the recovery of phenanthrene ore will be obvious until June, and the supply of nickel ore will be gradually relaxed. Tight supply also supports nickel prices.
3、 Future prospects
Future market forecast: under the influence of the epidemic, since the second quarter, the port nickel mine has maintained the trend of going to the storage, the price of nickel mine has been strong to support the cost of nickel and iron, and the epidemic situation and crude oil problems have prolonged the shipping period. In the next two months, the domestic nickel mine supply is still tight to support the nickel price. Nickel price is expected to maintain a strong trend in the short term.