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Nickel Prices to Move Rangebound
2023-3-28
On the supply side, due to favourable macro factors, nickel futures prices have edged higher recently. Spot prices fell on the month-end factor. In terms of NPI, frequent news of production reduction and shutdown of stainless steel mills were bearish for NPI prices. As the stainless steel mills are about to purchase intensively, the traded price disclosed next time is very important. The news will have a certain impact on the market participants. On the demand side, according to  research, the stainless steel futures prices went up last Friday. The spot transactions improved slightly over the weekend driven by market sentiment. But spot trading became slack yesterday, and the prices will fall further. Short-term stainless steel spot prices will be stable with occasional falls. In general, the pure nickel sector faces weak supply and demand.  presumes the recent nickel prices will remain rangebound.

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