SMM, 15 June:
This week, the main 1809 contract of Shanghai Tin fell sharply, especially on Wednesday, it fell 2.88% in a single day, and fell below all the support of the daily average. during the week, the withdrawal of a large number of long funds led to a cliff-like decline in the trend, basically erasing all the gains in the past two weeks. Friday closed at 147340 yuan a tonne, down 4710 yuan, or 3.1 per cent, from Friday. The total turnover of 186000 hands was down 97540 hands from the previous week, and the position of 34920 hands was down 8800 hands from the previous week.
Spot tin prices in Shanghai fell sharply this week, mainly dragged down by a sharp drop in tin trade. in particular, spot prices fell 2000 yuan / ton on Thursday and 145,500 yuan / ton as of Friday, down 3500 yuan / ton on average compared with Friday. Down 2.3%. With the decline in futures prices, the current discount range has narrowed, the current cloud tin mainstream discount 1000 yuan / ton, ordinary cloud word discount about 1500 yuan / ton, small brand discount 2000 ≤ 2,300 yuan / ton. With the fall in prices, transactions in the second half of this week improved significantly, many of the early wait-and-see downstream enterprises have entered the market to replenish goods. The market circulation spot is more sufficient.
Nickel: the Fed raised interest rates this week and the U. S. economy performed well, boosting the dollar, rising nearly 95 levels in intraday trading. Affected by the high and pressure of the US dollar, the expected inflation of nickel in the early stage, the disappearance of the crowding effect, the reduction of the marginal impact of market expectations on Shandong's NPI production, and the lack of significant positive demand for stainless steel, the short-term market sentiment is biased. Nickel price high callback. After Monday's opening, Lun Ni moved weakly around the daily moving average. In the second half of the week, nickel prices rose to $15730 a tonne after concussion fell, giving up all the gains. As of 18:10, the weekly K line closed at $15370 a tonne, down 0.72 per cent from last week. Volume decreased by 11000 to 28000, while position increased by 6367 to 270000.
This week Shanghai nickel main 1809 contract opened in 115090 yuan / ton, the first half of the week nickel price due to the early pull up too fast, gradually callback, weak operation. In the second half of the week, the market looked back on the central environmental protection group to expect too much impact on NPI production, Shanghai nickel showed an inverted deep V trend. As of Friday morning closing, the week K line closed at Xiao Yangxing, at 115770 yuan / ton. It was 0.62% lower than last week's gain, with volume up 500000 to 3.477 million and positions down 19000 to 362000.
This week Jinchuan company shipping enthusiasm is not bad, Shanghai quotation from Friday's 117200 yuan / ton slightly reduced to 115800 yuan / ton, a cumulative reduction of 1400 yuan / ton. Jinchuan nickel than Wuxi main 1807 contract water rise about 800 yuan / ton, Russian nickel than Wuxi main 1807 contract water rise about 700 yuan / ton. Jinchuan nickel and Russian nickel price difference maintained about 100 yuan / ton. The main reason is that the import window continues to close, the net consumption of domestic inventory, Russian nickel less prices firm. As domestic inventories continue to decline, it is expected that the late import window will slowly open, Russian nickel Jinchuan nickel price difference will slowly widen. In the first half of the week, the price gradually fell in the market short-term bearish, long-term view of the nickel price callback steel mills to buy low, steel As a result of nickel price high concussion, the overall transaction is general.
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