Nickel: China wants to buy raw material for state stocks?
Nickel: China wants to buy raw material for state stocks?

22 April 2024 – Nickel scarcer than expected, are state stockpiles coming? Rumors from China cause nickel prices on the SHFE to jump. Copper prices near 10,000 USD/MT mark. And 92% higher aluminum imports to China compared to the same period last year.

Nickel: Does the Chinese government want to buy raw material for state stockpiles?

A rumor that made the rounds in Asia on Monday suggested, according to media reports, that the Chinese government could be planning to buy the raw material in large quantities and store it for the state. This led to speculation that nickel could become scarce overall. Prices on the SHFE reacted strongly to the rumors and jumped by more than 6.5% in Monday’s trading and closed well up.

It remains to be seen whether the rumors of government stockpiles in China are actually true. We will continue to monitor this for you over the next few days.

Base metals: Copper, aluminum, tin also on an upward trend

Overall, the base metals have shown an upward trend in recent days. Not only nickel, but also copper, aluminum and zinc have recorded significant gains. The important economic indicator copper, for example, has clearly approached the 10,000 $/MT mark. However, the price of tin has risen particularly sharply by almost 30% since the end of March 2024.

China imports 92% more aluminum

The Chinese economy’s hunger for raw materials seems to have been awakened, as can be seen from the latest figures for aluminum imports to China. In the first three months of 2024, imports of unwrought aluminum and aluminum materials to China increased by more than 92% compared to the same period last year.

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