With the support of macro benefits and fundamental costs, Shanghai nickel has continued to rise in recent days, reaching a new high of 142,860 yuan/ton since November 7, 2023, and closed up 1.25% as of the day, floating red for five consecutive days. London nickel today hit a new high of 18,590 yuan/ton since October 30, 2023, down 0.25% as of 15:33. On the whole, the refined nickel output on the supply side of the fundamental side is expected to be loose, but the raw material nickel sulfate is tight, which supports nickel prices in terms of cost. On the demand side, the current downstream procurement willingness is weak, and the increase in the medium and long-term stainless steel 300 series production schedule is good for the demand for pure nickel. On the macro front, the frequent favorable policies of the two sessions in China, coupled with the weakening of the US dollar as the US interest rate hike nears its end, boosted commodity prices. SMM believes that nickel prices may fluctuate strongly in the short term.
SMM, March 13: With the support of macro benefits and fundamental costs, Shanghai nickel has continued to rise recently, reaching a new high of 142,860 yuan/ton since November 7, 2023, up 1.25% as of the day, and has been red for five consecutive days. London nickel today hit a new high of 18,590 yuan/ton since October 30, 2023, down 0.25% as of 15:33.
