未来,需求将成为镍价变动的首要影响因素,产能过剩、成本抬升、退出政策来临的预期以及经济二次探底的可能性都会抑制镍价格的上扬;从供给角度来看,国内外项目纷纷上马,罢工结束、新的劳工合同开始又会增加新的供给。我们预计,镍价走势将是一个反复震荡、缓慢抬升的过程。 In the future, the demand will be the primary factor for the fluctuation of nickel price. The excess nickel price, the rise of cost, the expectation of withdrawing from the policy, and the possibility of the second dip of the economy all will restrain the nickel price from rising. From the supply point of view, When the strike is over and the new labor contract begins, new supplies will be added. We expect the trend of nickel price to be a process of repeated turbulence and slow uplift.