China’s nickel price might fluctuate but on high side in short terms
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Update time : 2022-11-07 17:06:27
As of October 28, China’s refined nickel stock from 27 social inventories was only 11,934 tons. The stock of nickel plates from LME’s Asian inventory was around 200 tons.
Besides that, with entering the Rainy season in Philippines, the supply of nickel ore was tightened. Also, China’s nickel ore imports were reduced, so the spot good market might be under supply pressure.
Apart from that, China’s refined nickel market was in strong operation; however, the downstream refined nickel buyers were limited. Also, Fed’s Jerome Powell said they might put more pressure on commodities. As a result, China’s nickel price in the short terms would fluctuate but on the high side.
