On May 18, the price of nickel rose slightly. The spot price was 135083.33 yuan/ton, an increase of 2.74% from the previous day, an increase of 5.42% from the beginning of the year, and a year-on-year increase of 34.93%. The main force of Shanghai nickel opened at 130,800 yuan, and the price rose strongly after the opening, closing at 134,450 yuan, an increase of 2.80%. LME March nickel closed at 18,050 yuan at the time of writing, an increase of 0.61%.
The rise in crude oil boosted market sentiment, and international metals rose across the board overnight. Nickel continued to close at a high 1.70%. The macro outlook is good, and the U.S. April CPI exceeded expectations. Recently, the price of ferronickel has rebounded sharply. After the price of nickel sulfate rebounded, the economic performance of nickel beans has improved, and the support for nickel prices has increased. Stainless steel inventories have fallen again, which is still good for the industry chain in the short term. Refined nickel's own inventory is still at a historically low level, which is conducive to a price rebound. From a mid-term perspective, Qingshan Gao Bing Nickel will suppress nickel prices to continue to rise. Nickel prices are expected to fluctuate mainly in the short-term.
