Nickel prices at SHFE rise for four consecutive trading days
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Update time : 2024-12-26 16:24:01
The London Metal Exchange (LME) nickel trading was closed yesterday (25th) for Christmas, but nickel prices at the Shanghai Futures Exchange (SHFE) maintained their upward momentum, marking its fourth consecutive trading day of gains. It closed at CNY 125,330/ton, up by CNY 230/ton from the previous close. Since last Friday (23rd), it has risen by CNY 2,920/ton, reflecting a 2.4% increase.
Analysts noted that nickel ore prices have been stable in recent days. In the stainless steel supply chain, the seasonal slowdown may result in weaker supply and demand, while a slight decline in raw material prices has moderately reduced stainless steel production costs.
In the nickel sulfate sector, raw material prices have softened, and although demand has driven a minor price increase for nickel sulfate, seasonal pressures are expected to limit its impact on nickel prices.
Nevertheless, ongoing disruptions in Indonesia’s nickel mining sector and China’s expected demand-stimulating policies provide support. While nickel and stainless steel prices remain undervalued, short-term gains are likely, though fundamental pressures may impact the extent of the rebound.
