After four consecutive falls, what is the trend of nickel price after the first "turning red" storm in Shanghai? [SMM Quick Review]

SMM3 March 23: Shanghai Nickel fell four times in a row, today for the first time "red". As of the day's close, Shanghai Nickel rose 2.7%, recording the largest increase in the ranks of basic metals in the inner market. Lenny opened this afternoon and rose 1.65 per cent as of around 16:15.

By the end of the day, the trend of Shanghai Nickel:

"check the metal market.

Spot market

The average spot price of SMM# electrolytic nickel is 212400 yuan / ton today, up 0.62% from the previous trading day.

Today's SMM based on upstream and downstream comprehensive research and market traders collective inquiry, Jinchuan 3500-3900 yuan / ton today, the same as yesterday. Russo Nickel today 3000-3700 yuan / ton, down 250 yuan / ton compared with yesterday. Since yesterday, import losses have gradually turned to profits. at present, it will take some time from customs clearance to the arrival of goods in the market, and the tight trend of market supply remains unchanged in the short term. Today's rising water drop is mainly due to the fact that futures prices have risen from yesterday to the end of the month.

"View the spot historical price of SMM nickel products

According to SMM analysis, at present, at the end of the month, traders generally cut down the rising water and quickly ship goods to avoid the risk of pure nickel hedge changing positions and changing months, but the market is generally bearish on the market and leads to weak spot trading of pure nickel. Due to the lack of customs clearance for a long time, the market supply is less, and the overall supply is tight. In terms of nickel pig iron, although scrap economic preference has an alternative role, and the market reservoir may be released, nickel iron still has support in terms of cost, price difference and supply and demand, and the market remains volatile in the short term.

Demand side, although the current futures have been lowered, but the current nickel beans are still maintained at more than 200000, nickel sulfate plant procurement expectations are weak.

Yesterday, Lunni opened up or down 15%, but it has not yet fallen by the limit, which also shows that Lunni has gradually returned to fundamentals after the previous extreme market, and the price has gradually recovered. The follow-up trend of Shanghai nickel may be determined by domestic fundamentals. When the import window is about to open but the spot has not yet flowed into the domestic market, SMM expects Shanghai nickel to maintain a volatile trend.

The Seventh China International New Energy Conference and China International Nickel, Cobalt and Lithium Summit Forum in 2022

New ecology of sustainable and high development

The double carbon goal is a strategic choice for China's sustainable development in the new era. General Secretary Xi Jinping pointed out that promoting the development of new and clean energy should be put in a more prominent position, and actively and orderly develop light energy, silicon energy, hydrogen energy and renewable energy. It is necessary to promote the deep integration of energy technology with modern information, new materials and advanced manufacturing technology, and explore new modes of energy production and consumption. It is necessary to speed up the development of wind energy, solar energy, biomass energy, geothermal energy, ocean energy, hydrogen energy and other new energy with large-scale efficiency, make overall plans for hydropower development and ecological protection, and actively develop nuclear power in a safe and orderly manner.

In this context, in order to slow down global warming, countries have stopped selling fuel vehicles since 2025. It is estimated that the global output of new energy vehicles will exceed 18 million in 2025. It has become a current historical trend to reduce the consumption of traditional energy and develop alternative new energy.

Driven by the double carbon policy, the whole industrial chain of new energy has entered the Pentium era. The following contradictions have gradually emerged, such as the mismatch between supply and demand between the industrial chain, and under the triple pressure of demand contraction, supply shock and weakening expectations, how to fully tap the potential of economic structural growth?

Does the "deficiency" highlight whether it will affect the coordinated development of the industrial chain? At this time of both opportunities and challenges, SMM sincerely invites you to attend the "2022 (Seventh) China International New Energy Conference" to discuss the future development of the new energy industry with the conference representatives in the five major sectors of new energy battery, photovoltaic, geothermal, hydrogen energy and energy storage.

Recommended reading:

"Lun Nickel returns to fundamentals Shanghai Nickel short sentiment has been released [SMM Nickel Daily Review]

"the rising water of pure nickel has been lowered by the end of the month, but the overall turnover is weak [SMM Nickel spot afternoon Review]

"Lunni price has nearly halved after the" demon "nickel can no longer riot?

"how can I get to Nickel City after gradually getting back on track? [hot discussion]

"INSG expects a shortage of nickel in the global market this year. SMM, look at it this way. [SMM analysis]

"INSG:, January 2022, the global nickel market has a surplus of 6000 tons.

Jinchuan Group 100000 t / a Nickel Sulfate solution lifting Project for Power Battery starts

General Administration of Customs: China's unwrought nickel imports increased by 96.66% in February compared with the same period last year.

"China's imports of nickel and iron reached highs in the same period in the past two months. Indonesia's supply is still at the top of the list.

Lenny has not fallen by the limit for the first time since trading resumed on March 16.

"London Nickel's falling limit temporarily stabilizes the relative price and gradually resumes the shock of Shanghai Nickel [minutes of the SMM Morning meeting]