长江有色：6日镍价下跌 逢低刚需为主整体交投偏淡

Core Viewpoint - The nickel market is currently facing dual pressures from macroeconomic factors and industry dynamics, leading to a significant decline in nickel prices [1][2]. Group 1: Price Movements - The Shanghai nickel futures market saw the main contract for March 2603 open at 133,500 CNY/ton, reaching a high of 134,560 CNY/ton and a low of 129,300 CNY/ton, ultimately closing at 131,840 CNY/ton, down 3,540 CNY/ton, a decrease of 2.61% [1]. - The average price of 1 nickel on February 6 was reported at 136,650 CNY/ton, down 2,700 CNY from the previous day [1]. Group 2: Market Dynamics - The nickel market is characterized by a "supply increase and demand stagnation" scenario, with global refined nickel production capacity continuing to expand and LME inventories remaining high [2]. - Downstream industries, including stainless steel and new energy battery sectors, have halted procurement due to the Spring Festival holiday, exacerbating the supply-demand imbalance [2]. - The market is experiencing a liquidity contraction as midstream traders lower prices to accelerate sales, but the lack of downstream demand results in poor transaction volumes [2]. Group 3: Future Outlook - The short-term outlook for nickel prices remains weak, with expectations of further declines as the market tests key support levels [2].