1、 Trend analysis
According to the nickel price monitoring of the business agency, on the 29th, the spot nickel price quoted was 109816.67 yuan / ton, a small drop of 0.84% compared with the previous trading day, 3.44% lower than the beginning of the year, and 0.99% lower than the same period last year.
2、 Market analysis
Sino US trade frictions continued to escalate, and the global economic and trade prospects were worrying. The weak volatility of LUNI nickel closed down 0.72% overnight. London Metal Exchange (LME) 28 Lun nickel inventory of 234852 metric tons, 96 tons less than the previous trading day. Earlier, Tesla CEO Elon Musk told suppliers in a second quarter earnings conference call on July 23 that “if you exploit nickel efficiently in an environmentally friendly way, Tesla will give you a long-term big contract.” Affected by the news, nickel prices rose sharply before. Recently, Philippine nickel ore exports tend to be relaxed, but the overall export rhythm is still limited. On the domestic demand side in July, the domestic output of 300 series stainless steel may stabilize after July, and the pace of steel mills preparing raw materials in advance is also gradually slowing down.
3、 Future prospects
After market forecast: nickel demand growth slowed down while supply continued to increase, global supply or overall surplus in the third quarter, nickel prices mainly short-term or high shocks.
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