Throughout the global situation, nickel prices fell and rose. Nickel prices opened low and rose this week

  • 2022-03-26
The main factors affecting the trend of nickel price this week are:

1. On Monday, the storm of Lun nickel gradually subsided and continued to move closer to a reasonable range. The market trading was light and the nickel price fell sharply.

2. The Federal Reserve hinted that the radical interest rate hike would raise interest rates by more than 25 basis points. US stocks closed lower on Monday. The conflict uncertainty between Russia and Ukraine remained. The logic of market demand restriction caused by the sudden increase of domestic epidemic accelerated the price decline, and the Lun Ni shock continued to fall.

3. On Wednesday, the Federal Reserve will take measures to accelerate the pace of raising interest rates to curb high inflation. The dollar has been boosted and the price difference between internal and external nickel will be gradually repaired. The LME nickel price on the London Metal Exchange jumped 15% on Wednesday, triggering the limit limit, the rise of industrial metal prices, the interference caused by the conflict between Russia and Ukraine and the rise of energy prices, which raised the market's concern about supply shortage, which became the fuse for the rise of nickel prices. Meanwhile, on Wednesday night, domestic commodities performed strongly, rising across the board, and the nonferrous sector was the most prominent. Shanghai nickel rose 17% to close at the daily limit, boosting stainless steel to rise 7.26%. In addition, lunni rose again on the 23rd, mainly due to the expiration of deferred delivery and the centralized closing of short positions. At present, the pricing mechanism of lunni is chaotic, the trading volume has decreased significantly, and invalid transactions have occurred many times after the resumption of trading on March 16, with low industrial recognition.

4. On Thursday, Western concerns about sanctions against Russia pushed international crude oil higher, and lunni soared nearly 14% before reversing its decline. LME nickel price triggered the limit limit on Thursday, as the market is still worried about the supply bottleneck caused by the conflict between Russia and Ukraine, and there may be short covering due to poor market trading activity. Secondly, in the second on-site transaction on March 24, the nickel contract reached the preset daily price ceiling, so the official price of nickel may be disturbed by the pricing procedure.

5. International oil prices fell by more than 2% on Thursday. LME nickel rose the limit for two consecutive days on Thursday and Friday. Boosted by supply concerns, Shanghai nickel soared by 20%, hitting the limit board, the largest weekly increase since 2015.

[source to be retained for reprint - Changjiang nonferrous metals network]

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