SMM1 March 4: from December 21, 2021 to today, Shanghai Nickel ushered in a wave of warm current rising, Lunni performance is more eye-catching. By the day's close, Shanghai Nickel closed up 0.65%. Lenny had risen 0.6 per cent as of around 19:00. Which spring breeze brings vitality? SMM will get to the bottom of it with you!
"View SMM Nickel data Kanban
According to SMM analysis, the week before New Year's Day's festival, energy problems in Europe fermented again, natural gas prices in many European countries continued to soar, many aluminum mills also began to reduce production one after another, and market concerns about the risk of the energy crisis transmitting to the commodity supply chain began to intensify. Although there are no related production cuts in the nickel market, nickel prices follow the upward trend due to more market sentiment.
In terms of fundamentals, as nickel prices continue to rise, high-end purchasing sentiment is weak, and domestic nickel inventories have increased slightly compared with the previous month.
In the spot market, the rising water of pure nickel has also fallen at a high level, and the overall spot trading situation has been weakened. in addition to the high absolute price of nickel, there are also factors affecting the slowdown in the pace of reserve stocks near the holidays. In other links, the price of nickel sulfate has the trend of bottoming out. As the price of nickel continues to rise, the premium of battery-grade nickel sulfate to pure nickel has narrowed to 7000 yuan / ton. The profit of the salt plant caused by the rise in nickel price is upside down or makes the salt plant choose to raise the price after clearing the warehouse before the festival. Ferro-Nickel fell and rebounded before the festival, and the price of nickel moved up from low to high. However, with the rise of the price of pure nickel, the price difference between pure nickel and ferronickel continues to expand, and the driving force of ferronickel to the price of nickel is not strong.
"View SMM Nickel spot Historical Price
To sum up, strong demand expectations have not broken out in the two major lower reaches of nickel for the time being, but there are marginal positive expectations, superimposed by the supply chain risk concerns caused by the European energy crisis mentioned above and the current low inventories, supported by the shortage of pure nickel spot, the focus of market trading tends to change. At the top, look at the pressure position of 155000.
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