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Future nickel prices expected to keep firm

发布时间:[2021-9-6 9:33:19]    浏览量:68次
International nickel prices remained in a stable pattern in August. LME nickel futures price settled at an above US$195,000/ton level at the end of August, and the cumulative increase in the first eight months of this year was 17.7%.
Due to the increased market demand, the nickel inventory continued decreasing. Shanghai's nickel inventory not only had a year-on-year drop of nearly 90% but also hit a new low. Also, LME’s nickel inventory has fallen below 194,000 tons, the lowest level since last January.
According to market participants, the fundamental of nickel is still in good shape, which indicated that future outlook was expected to remain stable.
However, China’s production restriction policy on the stainless steel industry might weaken demand. In contrast, it is possible for nickel to be supported if China’s stainless steel prices are driven by this policy. All of these factors are worth noting.