1、 Trend analysis

According to nickel price monitoring of business association, nickel price continued to drop slightly on the 13th, with spot nickel price of 122416.67 yuan / ton, down 1.29% from 124016.67 yuan / ton on the previous trading day, down 4.46% from the beginning of the year, and up 25.11% from the same period last year.

2、 Market analysis

Spot nickel has been down for two consecutive days this week, almost regaining all the gains since April. Nickel price has been hovering around 120000 yuan since the high nickel matte incident in early March. This time, the weak price decline is mainly affected by macro factors, the small rise of the US dollar and the national promotion of commodity price stability. In addition, the recovery of mineral supply after the rainy season in the Philippines is expected to depress nickel prices. The overall output in April was slightly lower than that in March, but the overall output was still high, and the overall demand was stable. It is expected that spot nickel will continue to fluctuate around 120000 yuan in the short term.