1、 Trend analysis

According to the nickel price monitoring of the business society, the nickel price fell slightly this week. As of April 8, the spot nickel quotation was 221150 yuan / ton, down 1.4% from 224283.33 yuan / ton at the beginning of the week and up 75.79% year-on-year.

Nickel weekly rise and fall chart

According to the weekly rise and fall chart of business society, in the past 12 weeks, the nickel price has increased by 8, fell by 3 and leveled by 1, and the trend of nickel price has weakened recently.

 
To sum up: the risk of warehouse squeeze under LME low inventory is still high, and the situation of tight nickel supply before loose nickel supply has not changed. The internal and external price difference continues to widen, and the import window is closed. In particular, nickel beans are completely dependent on imports. In April, the marginal increment of substitutes for intermediate products and high matte nickel is limited, and the shortage of pure nickel remains. However, the epidemic is also restraining downstream consumption. We should pay attention to the replenishment behavior after the price reduction. Higher than expected release of nickel matte impacted market sentiment. Nickel fundamentals weakened in the second quarter, and it is expected that the future market or shock of nickel will be weak.