1、 Trend analysis

According to the monitoring of nickel prices by the Business Society, on the 17th, the average spot market price of nickel was 140541.67 yuan/ton, a decrease of 2.6% from the previous day and a year-on-year decrease of 27.56%.

The rise of the US dollar put pressure on bulls to stop earnings and leave the market, with Lunni closing down 2.52% overnight. Several officials from the Federal Reserve have made hawkish remarks, stating that the US dollar has started a new round of rebound, the overall commodity market is under pressure and falling, and external metals are operating in a weak position. Fundamentally, Indonesia has increased production capacity for intermediate products and nickel plates, and domestic electrolytic nickel production capacity is constantly being released. Surplus expectations are gradually being fulfilled. The situation of nickel oversupply has not been improved, downstream demand for nickel sulfate is sluggish, steel mills are shutting down for maintenance, and nickel price fundamentals are still under pressure. It is expected that the short-term nickel price will remain weak and volatile.