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Nickel restores high prices

Since July 3, shanghai-nickel futures 1811 have remained in a volatile range of $674,4793 -731997/ ton, with a cumulative decline of 4.8%. On August 23, the contract was down $16821/ ton or 2.38%, closing at $689,094 / ton.At present, nickel is in a dilemma situation. The news of Indonesia's withdrawal of nickel export license has helped to ease the problem of port inventory accumulation.High profits of high nickel iron, the market spread the environmental rumors again, the shortage of supply of high nickel iron market continued the tension situation. Current market focus is on nickel - nickel - iron - stainless steel links.Nickel speculation will magnify the environmental impact of ni-fe end, while the short-term weakness of stainless steel has weakened the ni-fe margin, so the nickel price trend is become a little bit tired.

In terms of inventory, as of August 17, LME stocks were 246,500 tons, 0.300 thousand tons less than last week, and domestic stocks were 18,100 tons less than last week, 0.74 thousand tons less than last week, according to the futures data of China Securities.China's port nickel stocks fell slightly, continuing the upward trend, nickel supply is loose, the overall recent price of nickel prices is stable.Environmental factors remain, the supply of nickel iron is still limited to a certain extent. At present, the price of nickel iron is maintained at a high level, supporting the price of nickel to a certain extent.A new round of environmental inspections could have an impact on production of nickel iron and stainless steel, said researcher Lena Yang.With nickel prices stable, stainless steel market confidence has recovered.At present, the stainless steel market atmosphere has recovered somewhat. Recently, the amount of goods in the market has increased and the demand has also recovered .

As nickel-iron environmental protection has not yet been confirmed, the short-term nickel price logic lies in the weakness of stainless steel demand.

At present, as long as there is no big macro negative, nickel fundamentals are still solid.The supply of nickel ore continues to be loose, but the shortage of supply of nickel iron and electrolytic nickel still affects the nickel price.Overall, nickel prices in the near future will continue to be dominated by the macro, the fundamentals as a whole interlaced, nickel prices are expected to be volatile this week.

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