SMM Nickel Morning Meeting Minutes Jul 21

Today's price shocks upward, mainly due to the capital operation superimposed on the current pure nickel market caused by the tight supply of Russian nickel.

Demand side, due to the plate rebounded sharply to break through 170,000 yuan / tonne, in the case of high nickel prices and low downstream demand, today's spot market transactions are weak.

In summary, the current nickel price upward mainly by the impact of capital operations, is expected to follow the nickel price or will show a shock running trend.

 Pure nickel: July 20, Jinchuan ascending water quoted 7,500-8,000 yuan / tonne, the average price of 7,750 yuan / tonne, the price of 600 yuan / tonne lower than the previous trading day.

Russian nickel ascending water quoted 2600-2800 yuan / tonne, the average price of 2700 yuan / tonne, compared with the previous trading day up 250 yuan / tonne, this morning Shanghai nickel prices shocked upward.

According to SMM research, this morning the Russian nickel premium downward, mainly due to the SHFE 07 contract delivery is completed, warehouse receipts will flow into the market, to a certain extent, to alleviate the current market situation of Russian nickel supply tension.

However, because of this morning's disc oscillation upward, the spot absolute price pulled up, the morning market few transactions. Nickel briquette price 168600-169,100 yuan / tonne, compared with the previous trading day spot price up 2100 yuan / tonne, nickel briquette price than nickel sulphate continued to inverted, spot transactions were weak.