1. Trend analysis
On the 7th, the nickel price dropped slightly. The spot price of nickel was 126416.67 yuan/ton, an increase of 1.37% from the previous trading day's 126716.67 yuan/ton, a decrease of 0.24% from the beginning of the year, and a year-on-year increase of 34.06%.
2. Market analysis
Since April, nickel prices have fluctuated upwards. The US non-agricultural data showed strong performance, and the outlook for domestic transactions was optimistic. The Philippines has resumed mining in the near future, but domestic ports continue to destock, and the downstream market has rebounded due to the sharp decline in nickel in the early stage. The spot market has rebounded. The precursor companies purchase nickel beans to prepare nickel sulfate with lucrative profits, and the consumption of stainless steel terminals and new energy terminals has entered Peak season. Nickel prices are expected to fluctuate strongly in the short term.
