Price Trend
According to the monitoring of business associations, nickel prices surged in February. By the end of the month, nickel prices were quoted at 103100 yuan/ton, up 4.18% from 98966.7 yuan/ton at the beginning of the month and down 0.91% from the same period last year. This month, during the Spring Festival, nickel went up and down independently. After the festival, nickel rose again and fell again. However, it was boosted by the sharp rise in social finance data released by the Central Bank in January, and nickel prices were supported again. Finally, the optimistic prices in Sino-US trade negotiations were firm.
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II. Market Trend Analysis
On the supply side, Indonesian nickel is expected to increase. Harita, an Indonesian mining company, has obtained a new export quota of 2.2 million wet tons of nickel. Recently, Indonesia has continuously approved new export quotas, which are relatively adequate. Xinhai Science and Technology plans to complete two furnaces by the end of the year, but only one furnace has actually been put into operation. But now the second one only starts heating, and the remaining six furnaces will not be put into operation until at least the end of the first quarter. On the demand side, during the Spring Festival, factories shut down and demand gradually warmed up after the tenth day of the first lunar month. After the Spring Festival, with the recovery of demand, according to the current price level, steel mills have more lucrative profits. After the Spring Festival, steel mills may start a new wave of restoring production.
3. Prospects for the Future Market
In summary, the non-ferrous analysts of business associations believe that the recovery of financial data in January shows that monetary policy tends to be loose, the results of Sino-US trade negotiations are good, and the supply and demand of nickel market show signs of warming up after the festival. It is expected that nickel market will maintain a strong oscillation pattern and prices will oscillate between 98000-105000 yuan/ton.
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