[2019.6.26 minutes of nickel internal morning meeting] Shanghai nickel back spread remained strong and spot discount was temporarily stable when the import window was closed in the near future.

Macroscopically: federal Reserve Chairman Jerome Powell stressed wait-and-see remarks and hinted that the July interest rate cut is not necessarily a position, in addition, St. Louis Fed Chairman Brad said July interest rate cut of 50 basis points may be too much, but is willing to cut 25 basis points; The Washington Post has uncovered an old case in which three mainland Chinese banks (China Merchants Bank, Bank of Communications and Pudong Development Bank) are suspected of violating sanctions against North Korea or at risk of being sanctioned by the United States. Today, we are concerned about the changes in stocks of EIA crude oil, gasoline and refined oil in the United States in the week ended June 21.

Spot nickel market: June 25, SMM 1 # electrolytic nickel 99400 100600 yuan / ton. The discount of Russian nickel is 200yuan / ton compared with Shanghai nickel 1907. Jinchuan nickel than Shanghai nickel 1907 contract generally reported a water rise of 1000 yuan / ton. The Russian nickel contract is generally flat compared with the Wuxi 1907 contract, and Jinchuan nickel is generally reported to have increased the water by 1200 yuan per ton compared with the Wuxi 1907 contract. In the early trading period, the disk price continues to rise, the holder has basically shipped the goods, but the downstream due to the high price, the sentiment of purchasing into the market is not strong, rigid demand procurement, sufficient supply in the spot market. Jinchuan company recently reduced water sales, but traders feedback, Shanghai qualified supply is not abundant, according to Jinchuan company factory price is not easy. Jinchuan nickel factory price of 100000 yuan / ton, up from yesterday's 800 yuan / ton, the mainstream transaction at 98400 yuan / ton. Afternoon trading continued to high shock, due to light trading, traders continue to slightly downgrade Russian nickel gold Sichuan rising water, but downstream continue to choose to wait and see, for the future is generally pessimistic, the whole day trading is still not optimistic, basically flat yesterday, the mainstream transaction in 99600-100500 yuan / ton.

Stainless steel market:

June 25 Wuxi stainless steel plant cold and hot binding quotations are flat compared with yesterday, details: https://news.smm.cn/news/100941887

June 25 Dongte, Jiugang issued weekly price, 304, Dongte hot rolling rose 300, Jiuquan Iron and Steel Co., Ltd. Cold rolling flat. Details: https://news.smm.cn/news/100942141

In terms of stocks: nickel stocks were 168300 tons on June 6 and 25, a decrease of 624 tons compared with June 24.

Nickel price judgment: Shanghai nickel back price gap remains strong, and the recent import window closed, superimposed recent liquidity is better, nickel prices as a whole easy to rise and fall, is expected to be close to 100, 000 strong consolidation.