SMM6, 22 Feb / PRNewswire-FirstCall-Asianet /
The center of gravity of Shanghai Tin's main 1809 contract continued to decline this week, tumbling 1.7 per cent on Tuesday before maintaining volatility below the five-day moving average, closing at 146100 yuan per tonne on Friday, down 1240 yuan, or 0.8 per cent, from Friday. The total turnover of 77110 hands was down 109000 hands from the previous week, and the position of 32176 hands was down 2744 hands from the previous week. This week, Shanghai tin decline slowed down, and showed a low stabilization trend, further decline in positions, due to the recent external market trend and spot market weak, Shanghai tin trend can not be supported, short-term forecast trend is still weak.
Spot prices in Shanghai and tin fluctuated broadly this week, with the overall focus falling further than last week, with mainstream 144,000 to 145,500 yuan per tonne as of Friday, down 1750 yuan, or 1.2 per cent, from Friday. As futures prices continued to fall, the current discount narrowed, from the mainstream discount range of 1000 to 2500 yuan / ton last week to 800 to 2,000 yuan / ton this week. Yunxi water 500 ≤ 800 yuan / ton, ordinary cloud word water 1200 ≤ 1500 yuan / ton, small brand water 1800 ≤ 2000 yuan / ton. The market supply is relatively sufficient, because the downstream gradually into the off-season, tin ingot consumption rate slowed down, excess inventory is still waiting for time to consume, the overall market presents a pattern of oversupply.
Nickel: this week, the Sino-US trade war escalated, and macro negative sentiment led to the overall weak operation of basic metals. Lunni stepped up its pullback for two days in a row, bottoming out at $14580 a tonne after opening on Monday. However, LME and domestic nickel plate stocks continued to decline, the Central Environmental Protection Group looked back on the continued impact on nickel pig iron production, the Qingshan Phase III 1 million-ton stainless steel steelmaking project went into production, and downstream steel mills increased the proportion of waste used, thus reducing costs and repairing profits. The enthusiasm of purchasing nickel board was improved, supported by low replenishment and other factors, nickel price was strong in the second half of the week, and the center of gravity moved up to more than US $15000 per ton. As of 17:36, the weekly K line closed at Zhongyang Star at $15345 a tonne, up 2.93 per cent from last week. Volume increased by 56.18 million to 36000, while position decreased by 8553 to 261000.
This week Shanghai nickel main 1809 contract opened at 114420 yuan / ton, the first half of the week led to nickel prices fell. In the second half of the week, the fundamentals of the nickel market boosted market confidence and warmed up sentiment, mainly due to low domestic inventories, the impact of environmental protection on NPI production, the repair of profits in steel mills, and the reversal of Shanghai Nickel's turn. the shock rose, breaking through 115000 yuan per ton. By the end of early trading on Friday, the weekly K line had closed at 117000 yuan per ton on the Xiaoyang line. Trading volume fell 756000 to 2.721 million, while positions rose 31000 to 392000.
This week Jinchuan company shipping enthusiasm is not bad, Shanghai quotation from last Friday's 115,800 yuan / ton up to 116,600 yuan / ton, a cumulative increase of 800 yuan / ton. Jinchuan nickel is about 750 yuan / ton higher than Wuxi's main 1807 contract, Russia's nickel is about 650 yuan / ton higher than Wuxi's main 1807 contract, and the price difference between Jinchuan nickel and Russian nickel is maintained at about 100 yuan / ton. this is mainly due to the continued closure of the import window and the net consumption of domestic inventory. Russian nickel goods are less expensive and firm. As domestic inventories continue to decline to historic lows, it is expected that the late import window will slowly open and the price gap between Russian and nickel gold and Sichuan will slowly widen. In terms of transactions, nickel prices fell sharply in the first half of the week, and the market was more optimistic about the trend of nickel prices in the later period, so downstream enterprises bought at low prices and took positive goods. Nickel prices rebounded in the second half of the week, downstream in the centralized receipt of goods after the transaction decreased compared with the first half of the week, the overall transaction improved compared with last week.