镍周报（12.16-12.20）：镍价宽幅回落

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

镍周报（12.16-12.20）：镍价宽幅回落

2025-01-14 09:10:20 来源：北方有色网责任编辑：管理员

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2024年12月20日，当周镍价宽幅回落，周初前期印尼消息扰动导致镍价估值明显偏高，随着情绪回落镍价开始逐步下跌。周四美联储如期降息25个基点，远期降息空间明显收窄导致宏观情绪明显回落。受此影响镍价继续下跌，逼近一体化成本线。

基本面上，印尼镍矿价格短期未有变动，消息面传出印尼将限制2025年的镍矿开采，但事项仍在讨论中，现实端镍矿整体宽松预期不改。目前矿价政策端支撑逐步显现，预计继续回落空间有限。

精炼镍方面，周内镍价宽幅回落，需求端整体交投有限，但金川资源受现货偏紧影响，升贴水表现强势。海外LME注销仓单明显增加，关注内外价差情况。

镍铁方面，周内镍铁成交价格持稳运行，下游不锈钢跌幅放缓，钢厂对原料采购节奏有所放缓，叠加钢厂减产增加，镍铁压力有所增加，但实际落地情况尚待观察。1-2月钢厂面临季节性减产，镍铁远期依旧存在压力，预计短期镍铁价格维持弱稳。

硫酸镍方面，硫酸镍疲弱持续，价格维持低位平稳。原料端中间品维持偏高系数，镍价回落导致硫酸镍即期成本下降，但由于前期硫酸镍亏损严重，未能继续跟跌。短期硫酸镍缺乏驱动，整体波动有限，价格维持成本定价。

综合来看，目前镍基本面未有明显改变，消息面扰动回落叠加宏观压制，镍价宽幅回落，但目前镍价逼近一体化高冰镍成本线，继续向下缺乏驱动，且消息端扰动有所增强，镍价下行阻力有所凸显。中长期产业过剩压制，边际有下移趋势。但目前宏观方面依旧存在支撑，镍价震荡区间或有小幅上移，下周镍价或在12-12.8万元/吨区间内宽幅震荡。

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镍周报（12.16-12.20）：镍价宽幅回落

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