Nickel Prices Went Down Last Week on Negative Macroeconomy and Fundamentals

Last week, the SHFE Ni 2308 contract rose by about 4.23% during the week, showing an oscillating upward trend, basically in line with SMM expectations.

Macroscopically, it is worth noting that the US June quarterly non-farm payrolls data released at 20:30 this Friday evening, the current market forecast is 225,000 and the previous value is 339,000.

However, on Thursday evening, July 6, the U.S. Department of Labor released initial jobless claims for the week 248,000, more than the expected value of 245,000 and more than the previous value of 236,000, but at the same time released the U.S. June ADP employment data surged to 497,000, more than the previous value of 278,000, is more than twice the market expectation of 228,000, the largest monthly increase since July 2022 The growth rate.

At a time when the Fed's rate hike prospects are wavering, this represents the current US labor market is still hot, prompting growing expectations that the Fed will restart rate hikes this month.

Fundamentally, according to SMM research understand today's spot lift overall continue downward, but because Shanghai nickel is at a high level, the absolute price of spot is higher, the actual market transaction is weak.

To sum up, it is expected that the subsequent nickel price may show the oscillating trend.

The current macro news frequently, need to pay attention to the U.S. June unquartered CPI annual rate published this week, if the published value is higher than the previous value of 4.0%, then will be good for the dollar, negative commodities.

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