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Electra Battery Materials Park, Electra's pivotal development, is set to revolutionize the electric vehicle (EV) market with its innovative approach to sustainable battery material production.
SHFE nickel performed well last week. Since March 28, the nickel price has risen for five consecutive days. As of April 3, it grew to 133,450 yuan/mt. Recently, the nickel ore quota is still the center of attention.
Overnight, the most-traded SHFE nickel contract opened at 131,190 yuan/mt, and closed at 131,600 yuan/mt, up 680 yuan/mt. Trading volume fell by 207 lots to 225,854 lots, and open interest decreased by 9,381 lots to 107,817 lots. The most-traded SHFE nickel contract fluctuated downwards after opening. After falling to the intraday low of 129,050 yuan/mt, it closed up 0.91%.
Nickel prices are affected by cost-related news, fluctuating around 130,000 yuan/mt. Before last Thursday's U.S. stock market opening, the latest report from the U.S. Bureau of Economic Analysis increased the GDP growth rate for the fourth quarter of 2023 and lowered key inflation indicators. However, Federal Reserve Board Governor Waller, on last Wednesday, suggested no urgency for rate cuts, signaling a potential delay in rate cuts. U.S. dollar index futures rose. Fundamentally, the pure nickel spot market stayed strong. Downstream buyers utilized their stockpiled materials because of high nickel prices. SMM predicted these inventories would be depleted by late March. With nickel prices dropping, buyers are eager, and this trend is likely to continue until early April. Supply side, overseas nickel plate long-term orders arrived for the first time this year, and local nickel plants are ramping up production. However, the price gap between nickel sulphate and nickel briquettes wid