[2019.7.10 minutes of nickel internal morning meeting] fundamentals continue to be flat and nickel bulls attack to drive Shanghai nickel higher

Macroscopically: the dollar index continued to rise yesterday and the dollar strengthened this week, and the focus is now on the testimony of Federal Reserve Chairman Powell to Congress on Wednesday, which is expected to be less dovish, so that gives some momentum to the dollar. The current mainstream expectation is that the Fed will not cut interest rates or cut interest rates slightly in July. The domestic side today pays attention to the annual rate of CPI and PPI in June.

Spot nickel market: July 9 SMM 1 # electrolytic nickel 99800 102200 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 400-300 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally quoted water 1700 to 19 yuan / ton, a higher price is basically non-market. Early trading hours, prices continue to fall, but the overall is still higher than yesterday, the spot market continues to be shipped, downstream due to high prices in the wait-and-see, general feedback light trading, Jinchuan nickel downgrade compared with yesterday, market wait-and-see. In the second trading session, the price was stable at 99950 yuan / ton, spot warmed up slightly, and then stabilized and rebounded. Russian-nickel discount remained stable, but the overall transaction was still not satisfactory.

Nickel pig iron market: July 9, according to SMM research, a northern factory originally planned to resume production in July a 33000KVA ore heat furnace has been sent electricity today, is expected to be able to officially release iron in late July.

Stainless steel market: July 9, Qingshan agent unified reduction of cold rolling futures price: Qingshan Hongwang July 201j1 four-foot cold rolling sales guidance price of 8000 yuan / ton, month-on-month down 200 yuan / ton, offer pending approval. Qingshan Hongwang July 201j2 four-foot cold rolling sales guidance price of 7700 yuan / ton, month-on-month reduction of 100 yuan / ton, the quantity to be approved.

In terms of stocks: nickel stocks were 154100 tons on 9 July, a decrease of 636 tons compared with 8 July.

Nickel price judgment: the recent external market trend strongly led to a wave of market, fundamentals and news have not yet provided obvious upward momentum, the future market pay close attention to the external market data, is expected to run firmly in the short term, Shanghai nickel main contract 103000 is the latest resistance level, once broke through in early trading fell back, wait and see if there are any signs of trying to break through again.