[SMM brief comment] Shanghai Nickel opened diving to lead the decline in the short-term disturbance of non-ferrous short-term macro factors.

SMM9 March 17: this morning, Shanghai nickel open diving led down nearly 2%, as of 10:15, Shanghai nickel main contract 2011 at 116050 yuan / ton, down 1.74%. In the early hours of this morning, the closely watched Federal Reserve released interest rate decisions, policy statements and economic forecasts. The bank kept its benchmark interest rate near zero and hinted that it would remain at least until 2023 to help the US economy recover from the epidemic. The FOMC "expects to maintain a loose monetary policy position" until inflation averages 2% over a period of time, and long-term inflation expectations remain stable at 2%, the statement said. The dollar index continued to rise, hitting a six-day high.

SMM believes that the spot fundamentals fluctuate less, a small amount of purchases are made downstream on demand, and the fundamental focus is still biased towards the nickel ore-nickel iron-stainless steel industry line. The price of nickel ore has risen all the way in the case of a considerable shortage of supply, the high price of Ferro nickel has been supported by raw material support and tight supply, and the mentality of high production in stainless steel plants has not been significantly reduced for the time being, and this production line still has a strong support for nickel price. however, at present, the fluctuation of macro factors has a more obvious disturbance to the nickel price in the short term. It is estimated that this week, Shanghai nickel is 114000-120000 yuan / ton, Lunni is 14500-15400 US dollars / ton.

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