Nickel: macro factors superimposed on industry impacts

Since 2018, the domestic nickel price broke the 100,000 integer mark under the support of continuous decline in domestic and foreign inventory, and broke the previous high. Under the influence of the recent Sino-US trade war panic, basic metal prices have fallen and nickel prices have not been left alone. Due to its own high volatility, we also see that the fall of nickel in this downturn is relatively large, apart from the macro level. Factors, we also start from the industry, to find the reasons for the following points.