SMM April 9 Shanghai Nickel spot Daily Review

SMM, 9 April:

Today's SMM1 electrolytic nickel offer 95000-96900 yuan / ton. Shanghai nickel morning market after falling back, within the day in the 95000 yuan / ton line to continue the shock pattern. In the spot market, Russian nickel to Shanghai nickel 2005 contract offer 50 yuan to rise 100 yuan / ton; due to the different holding costs of various traders, Russian nickel quotation after the opening of the morning market is more chaotic, although there are a small number of discount quotation in the market, but most mainstream traders still continue to report in the flat water to rise to 100 yuan / ton yesterday. Today, the center of gravity of nickel price moves upstream and downstream is more wait-and-see, the demand is weak, the transaction situation is limited. Jinchuan nickel to Shanghai nickel 2005 contract rose 1500-1600 yuan / ton, transaction is also weak, there are a small number of transactions between traders. Although the supply of goods in Shanghai has been alleviated, the rising water from manufacturers is still about 1500 yuan / ton, so it is expected that the rising water in Jinchuan will continue to be stable in the future. On the other hand, as a result of the strong rebound of Shanghai nickel, the import loss has narrowed. If the import window opens recently, the domestic trade of Russian nickel may fall back.

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