1、 Trend analysis
According to nickel price monitoring of business society, spot nickel on the 19th was 121850 yuan / ton, down 1.75% compared with last Friday, down 4.9% compared with the beginning of the year, up 24.17% year on year.
2、 Market analysis
The main reason for the weak decline of nickel price is that the president of the Philippines has cancelled the nine-year ban on new mineral agreements since 2012 in order to increase its government revenue. At present, the supply of nickel mines in the Philippines is tight and the miners are profitable, which may stimulate the supply of new mines in the Philippines. In addition, after the end of the rainy season in the Philippines, supply is expected to increase, putting pressure on nickel prices. The downstream stainless steel price also slightly callback, but the stainless steel production profit turns negative, the space below the stainless steel price is limited.
Future forecast: in the near future, the macro positive factors still exist, and there are some adverse factors in the industry, but nickel and stainless steel have some support below, so it is not appropriate to be too pessimistic in the future. Nickel is expected to be weak in the future.
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