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    The non-ferrous metal prices have weakened but the price of Shanghai nickel will remain strong

    On the last Thursday, the price of nonferrous metals has weakened and the price of Shanghai nickel is continued to be strong. The world's top commodities and mining traders expect that the global electric car industry will be grow by up to 40% a year by 2025. And the price of nickel is continues to rise because of optimism about the future of nickel consumption by market institutions.

    With the slower consumption of stainless steel and a pick-up in inventories, the market is still relatively cautious about the current nickel price. Starting from January 1 on nest year, the Tianjin city will implement a policy on the implementation of permits for the electroplating and non-ferrous metal industry, which will affect the downstream consumption and lead the zinc price to go down. Overall, the short-term market funds rate is tight and the non-ferrous metal is expected to maintain a range of volatility.

    On the same Thursday the LME nickel was opened at $12,720 a tonne. The price of nickel was down and hit $1,650 a ton after oppening. In the afternoon, the nickel was quickly raised to $12915 / ton. After entering Europe and the United States times, the price of LME nickel has tumbled to a low of $12365 / ton. After that it recouped some of its losses but the price was remained at $12,570 a tonne. The trading volume has decreased by 412 hands to 12702 hands on the day and the number of positions has increased by 376 to 234,233.

    On the other hand, the dollar prices has fell slightly and the market’s reaction to Powell's election as the next chairman of the fed was muted. The dollar remained weak after the news. The price of spot nickel is delayed and the opening quotation of the Shanghai nickel’s main force 1801 contract is RMB 100990 / ton. After opening, the low price of Shanghai nickel was 99030 yuan/ton and it was closed at 100,970 yuan/ton. At the last Friday, China has published the PMI for the service sector and predicted that the main force of the Shanghai nickel will be operating at 99,900 ~ 101,400 yuan/ton. The spot nickel price will be 99400 to 101200 yuan/ton.