[minutes of Ni Internal Morning meeting] the Marukuhai earthquake in Indonesia boosted the monthly output data of Shanghai Ni SMM6. [2019.7.8 Ni internal morning meeting minutes] Indonesia Marukuhai earthquake boosted Shanghai Ni monthly production data.

Macro: us non-farm payrolls data for June far exceeded market expectations, the US index strengthened, and the Fed's interest rate cut is expected to narrow. Today focused on China's M2 annual rate of money supply in June and foreign exchange reserves in June; eurozone sentix investor confidence index for July.

Nickel spot market: it is expected that this week Russian nickel to Shanghai nickel 1908 or discount water 400 yuan / ton to discount 200 yuan / ton, Jinchuan to Shanghai nickel 1908 contract water 2500 to 3500 yuan / ton. Last week, the Russian nickel to Shanghai nickel 1908 contract has been narrowing since Monday's discount of 500yuan / ton, and the discount of this newspaper on Friday is about 300yuan / ton. Jinchuan to Shanghai nickel 1908 contract rose 1000 yuan / ton on Monday, and then gradually expanded to 2600 to 2800 yuan / ton on Friday, Jinchuan rising water continues to expand, the shortage of supplies led to a strong willingness of the cargo holders to lift the water, the rising water is strong.

Stainless steel market: last week stainless steel 200 series, 400 series prices remained stable, 300 series prices fluctuated due to the decline in nickel prices. As a result of the fall in nickel prices, the price of 300series stainless steel has been cut by 50 yuan per ton with nickel prices. As of Friday, Wuxi private 304cold rolling offer 14200 yuan / ton, down 100yuan / ton from the previous week; 304hot rolling quotation 13650 yuan / ton, down 50 yuan / ton from the previous week. Some agents said that although stainless steel prices have been adjusted, but the actual transaction situation has not significantly improved, compared with the previous week, last week transaction deviation, for the follow-up stainless steel prices to maintain a negative attitude.

In terms of stocks: nickel stocks were 157500 tons on July 5, an increase of 78 tons over July 4.

Nickel price judgment: it is understood that the Malukuhai earthquake has not yet had a substantial impact on the local nickel mine shipment or enterprise production, need to wait and see the development of the situation, nickel prices can achieve a rise in the need to wait and see the support of funds on the disk, otherwise from the fundamental point of view is still weak expectations.

June output:

In June 2019, the national natural monthly output of electrolytic nickel was 12600 tons, an increase of 5.82 per cent over the same period last year.

In June, the national nickel pig iron increased by 3.44 per cent to 49500 nickel tons, an increase of 51.93 per cent over the same period last year.

In June, China produced 10263 tons of nickel sulfate, with a physical output of 46700 tons, down 10.29 percent from the previous month, an increase of 58.14 percent over the same period last year.

For more information, please see SMM basic Metal production data: https://news.smm.cn/news/100946597