Nickel Likely To Continue Its Bull Run

www.investing.com/analysis/nickel-likely-to-continue-its-bull-run-200562597

By Abhishek Bansal | Feb 23, 2021 05:16AM ET

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Nickel prices are current holding near heights level since 2014 at $19,482 on the backdrop of increasing economic optimism in US and China.

Monday's global economic data was positive for metals demand and nickel prices. The US Jan Chicago Fed national activity index unexpectedly rose +0.25 to 0.66, against expectations of -0.02 to 0.50. Also German Feb IFO business climate index rose +2.1 to a 4-month high of 92.4, against expectations of 90.5.

Meanwhile, as per latest report from Reuters, Chinese imports of refined nickel fell by 32% year-on-year to 130,700 tonnes in 2020. It was the lowest annual total since 2014. China is buying lots of raw material, leaving the refined market undisturbed so there is drop in refined imports. It is observed that China’s stainless steel sector is absorbing more Indonesian nickel pig iron (NPI). China’s refined metal imports slid last year but NPI boomed, up 80% from 2019 at 3.4 million tonnes. The flow of Indonesian NPI to China’s stainless steel sector increased from just 600,000 tonnes in 2018 to 2.7 million tonnes in 2020.

Base metals prices are also trading higher as weakness in dollar index continued further. US President Joe Biden’s $1.9 trillion stimulus package is likely to pass at the end of the week, while the Fed Chairman Powell reiterated the central bank’s commitment to easy money policies is likely to support metals demand in US.

LME warehouse stock for Nickel now stand at 249,150 mt as on Feb. 22 2021 which have increased nearly 24,450 mt in last one year however SHFE warehouse stock stand at 12,221 mt as on Feb. 22 2021 which have dropped nearly 23,248 mt in last one year. A drop in SHFE stock is indicating strong physical demand in China.

Nickel prices are likely to trade firm while above key support level of $19,180 and $18,851 while key resistance level is seen around $20,436 and $20,765.

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Dec 13, 2023

ECB

4.50%

Dec 14, 2023

BOE

5.25%

Dec 14, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.35%

Dec 05, 2023

BOC

5.00%

Dec 06, 2023

RBNZ

5.50%

Feb 28, 2024

BOJ

-0.10%

Dec 19, 2023

CBR

15.00%

Dec 15, 2023

RBI

6.50%

Dec 08, 2023

PBOC

3.45%

BCB

12.25%

Dec 13, 2023

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Nickel Likely To Continue Its Bull Run

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