[minutes of SMM nickel internal morning meeting] the nickel spot trading atmosphere is light and the impact of the flood in Indonesia is gradually calming down.

SMM, June 20 / PRNewswire-Asianet /-

Macro: at 2: 00 Beijing time today, the Federal Reserve announced its latest June interest rate resolution, keeping the interest rate at 2.25% to 2.50% unchanged. This evening, we should pay attention to the number of initial jobless claims in the United States after the adjustment for the quarter ended June 15, the Feicheng manufacturing employment index for June, and the initial consumer confidence index for June in the euro area.

Nickel spot market: yesterday morning Russian nickel than Wuxi 1907 liter water 150 to 250 yuan / ton. Jinchuan nickel reported 800 yuan per ton of water higher than Wuxi 1907 contract. The plate is affected by the macro news last night, the price is strong, traders according to their own cargo situation quoted price differences, Russian nickel water than yesterday showed a reduction of about 50 yuan, Jinchuan nickel water down 100 yuan, the overall supply of Russian nickel and Jinchuan are more abundant, downstream take-goods mentality is cautious, market transactions are light. After the morning trading session, the market price has been reduced, the transaction has not seen a significant improvement. Jinchuan nickel still has a certain shipping pressure, Jinchuan nickel ex-factory price of 100200 yuan / ton, the mainstream transaction in 100500 to 100750 yuan / ton. Afternoon disk concussion operation, the transaction is still light.

Nickel pig iron market: according to SMM research, Indonesia has resumed shipment of nickel mines affected by floods last week, and eight heating furnaces in nickel pig iron plants in the Konawe area have been suspended due to floods on June 13, and all production has now been resumed. The logistics of nickel pig iron plants in the Morowali area was affected, but production was not affected, while factories and mines in the rest of the region, such as South Sulawesi and Obi Island, were not affected.

Stainless steel market: June 19, Wuxi market 3042B four-foot coil price quoted 13800 13850 yuan / ton, the same as yesterday's offer. Some agents said that recently, due to the rise in nickel prices, stainless steel prices increased by 50 to 100 yuan / ton, but the overall transaction situation of the stainless steel market is not good, downstream demand is weak.

In terms of inventories, nickel stocks were 170100 tons on 19 June, an increase of 2958 tons over 18 June.

Nickel price judgment: 1907 of the position is significantly declining, the squeeze atmosphere is easing, 1907 than 1909 contract price reduced to 800yuan, hidden inventory also gradually emerged, but the domestic deliverable inventory has increased but still low, it is expected that the nickel price in the short term near the 100000 gate firm consolidation.