The new energy vehicles are favored and nickel prices will remain high
2017-11-10 17:31 Foshan Gangtuo Import and Export Co. Ltd
On Thursday, the LME nickel’s opening quotation was at $12645 / ton in the Asia plate. Earlier in the day, the price of the LME nickel has rose to $12715 / ton and then it fell again. In the U.S. and Europe times, the nickel’s oscillations were low and quotated to $12525 per ton. Overnight, the LME nickel has rose and continued to rally to $12,730 / ton and finally closing at $12695 / ton.
The volume of the LME nickel on that day was reduced by 1789 to 7223. And the position was reduced by 380 hands to 232,766 and the inventory was reduced by 1728 tons to 380,628 tons.
Overnight, the main force of the shanghai-nickel’s 1801 contract was opened at 100990 yuan/ton. At the beginning of the plate, the shanghai-nickel stock was shaken up but then it was down to 100510 yuan/ton. Finally, the shanghai-nickel’s price has rose to 101,870 yuan/ton and it was closed at 101,470 yuan per ton.
Influenced by the changes in oil production and inventory in the U.S. EIA and the support of the geopolitical risk in the Middle East for the price of spot crude, the price of the nickel is expected to be high. The price of the Shanghai nickel main force 1801 contract will be ranges from 100500 to 101,600 yuan/ton, and the spot price will be between 100450 and 101,1450 yuan/ton. Recent domestic demand has focused on China's CPI and PPI in October.