According to SunSirs nickel price monitoring, on the 27th, nickel prices dropped slightly. The spot price of nickel was 135,950 yuan/ton, down 1.79% from 138433.33 yuan/ton on the previous trading day, up 6.1% from the beginning of the year, and up 23.63% year-on-year. The main force of Shanghai nickel opened at 134,950 yuan. After the opening, the price fell under pressure and closed at 133,710 yuan, a decrease of 0.22%. LME's March nickel closed at $18,080 at the time of writing, a decrease of 0.06%.
The raging epidemic made demand worrying, and London Nickel fluctuated and closed down overnight. The London Metal Exchange (LME) on the 26th reported 248,688 metric tons of nickel stocks, a decrease of 156 metric tons from the previous trading day. On the supply side, domestic nickel mines are still tight. Due to the sharp increase in consumption of new energy vehicles, nickel sulfate consumption has improved, but the actual battery consumption still takes some time. The construction of ferronickel in Indonesia is proceeding step by step, and there will be an increase in supply in the future. As the Spring Festival approaches, the overhaul of stainless steel plants drags down nickel consumption, and the downstream demand for stocking before the holiday gradually weakens, and the nickel market may have further upside potential.
