SunSirs: Chinese Nickel Prices Fell Slightly by 2.66% on July 7

　　On July 7, the price of nickel fell slightly. The spot price was 134666.67 yuan/ton, down 2.66% from the previous day, up 5.1% from the beginning of the year, and up 25.99% year-on-year. The main force of Shanghai Nickel opened at 1,38010 yuan, and fell sharply after the opening, closing at 135,480 yuan, a decrease of 1.84%. LME’s March nickel closed at 18,275 yuan at the time of writing, an increase of 1.42%.

　　The strengthening of the US dollar put pressure on metals. Overnight LME nickel fell 2.22% and hit a two-week low; the profit of ferronickel plants rebounded, purchasing demand slowed down, and the spot transaction of refined nickel was weak. Most merchants waited and watched. On the supply side, domestic nickel ore is tight. Due to the sharp increase in the consumption growth of new energy vehicles, the consumption of nickel sulfate has improved. Although the actual demand for downstream stainless steel is relatively good, the supply of ferronickel and new stainless steel production capacity in Indonesia will still put pressure on nickel prices. The short-term nickel price is expected to fluctuate widely.