On the 7th, spot nickel fell slightly, and spot nickel reported 147566.67 yuan/wet ton. On the macro front, the US dollar is rising and metals are under pressure. Under the influence of the epidemic, foreign markets in the automotive sector have drastically reduced production. Downstream stainless steel production capacity will continue to be disrupted due to domestic production restrictions, which will be negative for nickel prices. However, the supply of nickel fundamentals is still tight, and domestic inventories are at a historically low level. It is only one month before the rainy season in the Philippines. Sea freight has risen, supporting the trend of nickel prices. Forecast: Both supply and demand are weak, and nickel prices are expected to fluctuate mainly in a narrow range in the short term.
