The trend of falling after the new high of Lenny is still fluctuating upward [institutional review]

The contract price of 2204 nickel in Shanghai fluctuated on Tuesday, closing at 178730 yuan / ton. The price of nickel in the night market rose and fell, while the price of nickel in Shanghai followed suit.

On the spot side, the spot price of nickel in Huatong was 179550-181050 yuan, with an average price of 180300 yuan / ton, up 400 yuan, while the spot nickel price in Guangdong was 180450-180850 yuan / ton, with an average price of 180650 yuan / ton, down 500 yuan.

In terms of industry, according to the data released by (INSG), the international nickel industry research group, the global nickel market has an oversupply of 6500 tons in December 2021 and a shortage of 3700 tons last month. Indonesia's ANTAM Nickel Iron smelter is about to start production.

Nickel prices rose in shock yesterday, and the night market hit a new high driven by Lun Nickel, but then fell sharply. On the whole, nickel prices maintained a volatile rising pattern.

Recently, the rising trend of stainless steel prices in the lower reaches has slowed down, so the driving force for nickel prices to continue to rise weakens, but the current terminal inventory level is still low, there is still support for stainless steel prices, and it will remain high in the short term and continue to support nickel prices. In addition, the continuous fermentation of Ukrainian and Russian geopolitics also makes the market worried that Russian nickel exports will be affected.

Overall, Jinyuan futures believe that the overall supply and demand of nickel in the first quarter still has a strong support for nickel prices, so the performance of nickel prices is still easy to rise and difficult to fall.

Operation suggestions, it is recommended to try to do more.