1、 Trend analysis

According to the nickel price monitoring of the business community, on the 19th, the average price of nickel in the spot market was 197266.67 yuan/ton, 3.18% higher than the previous trading day and 34.39% higher than the same period last year.

The dollar fell, with Rennie closing up 5.33% the following week. Recently, the market has digested the negative sentiment towards the outside world, the overall atmosphere of industrial products is warmer, and non-ferrous metals generally rebound. The arrival of overseas nickel mines in Hong Kong is limited, the refined nickel inventory is still at a low level, and the low inventory status of pure nickel continues and is difficult to recover significantly in the short term. New energy’s demand for nickel sulfate rebounded, and stainless steel prices rose, supporting nickel prices.

It is expected that the nickel fundamentals will not change much, mainly dominated by the macro. The interest rate decision of the Federal Reserve will be held this week. The market believes that the probability of raising interest rates by 75 basis points is high. At that time, the dollar index is likely to rise, which will put pressure on the nickel price. It is expected that the nickel price will fluctuate more strongly.