On May 11, the price of nickel fell slightly, and the spot price was 131,316.67 yuan/ton, down 2.37% from the previous day, up 2.48% from the beginning of the year, and up 27.47% year-on-year. The main force of Shanghai nickel opened at 133240 yuan. After the opening, the price first fell and then rose to close at 131690 yuan, a decrease of 1.10%. LME's March nickel closed at 17,835 yuan at the time of writing, a decrease of 0.59%.
Due to the huge recent gains, the bulls have a strong willingness to lock in profits and settle down. In the end, the base metal market closed down across the board overnight, and the daytime metal market also closed down almost across the board. Concerns about rising inflation in the United States have intensified, the decline in US stocks has been frustrated, Indonesia's nickel and iron production capacity has continued to be released, the market is worried about the long-term supply surplus, and the upward momentum of nickel prices is insufficient. The fundamentals of nickel are weak, and the tight supply situation has slowed down. Downstream steel mills are expected to overhaul in May, and demand is expected to decrease. However, affected by the general rise in steel, the sharp rise in downstream stainless steel prices has supported nickel prices. Nickel prices are expected to fluctuate mainly at high levels.
