[2019.10.28 minutes of Nickel Internal Morning meeting] sudden obstruction of shipment of Nickel Mines in Indonesia

Macro: sterling and the euro rallied last week, on the one hand, the uncertainty about Brexit increased significantly, on the other hand, while the ECB president kept interest rates unchanged, the ECB president expressed pessimistic expectations about the economic prospects of the euro zone; the dollar index bottomed out, holding on to the 200-day moving average support, and the market began to turn to the international trade situation and next week's Fed interest rate resolution. The Fed's interest rate decision will be ushered in this week.

Spot: on October 25, Russian nickel compared with Shanghai nickel 1911 discount 250 to 150 yuan / ton, Jinchuan nickel than Shanghai nickel 1911 contract general discount 150 yuan / ton to flat water. Russian nickel Jinchuan rising water continues to decline, mainly due to the continuation of the previous phenomenon, Shanghai nickel and Wuxi nickel price difference is large, stimulate steel mills to purchase nickel beans in Wuxi plate, nickel plate demand is restrained, Shanghai spot market is weak. Second, nickel prices rebounded in the second half of the week after a high shock, curbing spot trading. And Jinchuan company recently high active shipment, some traders can discount Jinchuan, but because downstream demand has been depressed, Jinchuan nickel discount transaction phenomenon.

Nickel mine: on October 25th SMM 1.8 per cent Philippine laterite nickel mine was $7273 / wet tonne, down $2.50 / wet tonne from Friday. This week, the price of high nickel mine continues to weaken, nickel ore traders offer signs of softening, Ni1.8% high-grade nickel ore quotation and last week's 75-77 US dollars / wet ton, due to the difficulty of transaction has basically dropped to 73 US dollars / wet ton, there is still a small amount of room for negotiation, a small number of traders due to the early signing of the long contract price with the mine is relatively low, at this stage low price to let the goods out. The current price still can not stimulate the intention of a large number of Ni-Fe plants to stock, and some Ni-Fe plants have a negative attitude towards high-price mines, which has something to do with the narrowing of their own profits. In the second half of the week, the nickel price rebounded and the market transaction atmosphere improved slightly, but the high nickel iron did not pick up significantly for the time being, so it still has an obvious psychological pressure on the nickel ore price of raw materials.

Stainless steel: October 25 Wuxi area quotation: state 3042B cut edge volume price 1605016250 yuan / ton, private 3042B rough edge volume price 1580015900 yuan / ton. 304 / NO. 1 five feet at 14950-15050 yuan / ton. In the morning market, the cold and hot rolling prices are generally flat, the merchants offer high prices, the transaction is light, and the downstream is more wait-and-see. For 10:30 SHFE SS2002 contract selling price 14890 yuan / ton, Wuxi stainless steel spot water 610-880 yuan / ton, water narrow (spot edge cutting = rough edge + 170 yuan / ton)

Nickel price judgment: Lunni closed in the Yin Cross star, closed above the 60-day moving average of $16800 / ton, the top $17000 / ton first-line resistance is strong, today pay attention to Lunni in the $16800 / ton first-line shock.

Overnight Shanghai nickel closed in the Yin Cross, the upper 20-day moving average is facing resistance, the lower 132000 yuan / ton line is temporarily supported, today pay attention to the upper 20-day moving average to Shanghai nickel resistance.