Nickel price squeezes out Bubble short-term high shock [agency review]

On Tuesday, the contract price of Shanghai Nickel 2202 fell sharply, blocking the daily limit in intraday trading, and finally closed at 163460 yuan / ton. The price of nickel in the night market rebounded, and the price of nickel in Shanghai fluctuated at a low level.

On the spot side, on January 25, the spot price of nickel in Huatong was 166200-167100 yuan, with an average price of 166650 yuan / ton, down 14100 yuan, while the spot nickel price in Guangdong was 165550-165950 yuan / ton, with an average price of 165750 yuan / ton, down 14900 yuan.

On the industry side, Norilsk reported that nickel production in the fourth quarter was 63000 tons, an increase of 25% compared with the previous quarter; nickel production guidance for 2022 is 20.5-215000 tons.

Nickel prices continued their downward trend yesterday (January 25), falling sharply in intraday trading, blocking the limit, and night trading continued to fluctuate at low levels.

The ups and downs of nickel prices are mainly the interpretation of market sentiment, especially after the market speculation, the market has come to an end, and price fluctuations have further increased.

The sharp rise and fall in the price of nickel draws attention to the margin and handling fees adjusted in the previous period [SMM analysis]

At present, nickel price has fallen above the 160000 mark, and the room for further sharp decline is limited. In the future, the current fundamentals have strong bottom support in the first quarter, so it is difficult to have a sustained decline; from a short-term point of view, nickel prices are now more likely to gradually squeeze out the previous sentiment of Bubble, and will still be supported by fundamentals after that.

Operation suggestion: it is recommended to wait and see.

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