SMM, Feb. 26 / PRNewswire-Asianet /-
The dollar continued to fall yesterday, closing down nearly 0.1 per cent at 96.422. As the progress of the Sino-US trade negotiations is optimistic and macroscopically warm, the willingness to take risks in the market has increased, and investors have bought riskier assets, Tepron earlier said that it had postponed the time when it had originally planned to raise tariffs on Chinese goods exported to the United States. Global stock markets, as well as risky currencies such as the Australian and New Zealand dollars, rose after suggesting that significant progress had been made in trade talks between the two countries. On oil prices, US President Donald Trump once again attacked the Organization of the Petroleum Exporting countries (OPEC),) for saying the world was too fragile to afford rising prices and urged the organization to "relax". Crude oil futures plummeted nearly 3 per cent after Mr Trump tweeted that oil prices were too high. Spot, yesterday SMM 1 # electrolytic nickel 103150 to 103500 yuan / ton. Russia nickel than Wuxi 1903 liter water 50 yuan / ton, Jinchuan nickel than Wuxi 1903 contract liter water about 300yuan / ton. In the morning, Russian nickel traders generally reported rising water 50, shipment is better, downstream take the goods actively, mainly due to the expected later nickel prices to continue to rise. Jinchuan nickel transaction is relatively light, traders are not in a hurry to ship, and downstream take the goods in general. The ex-factory price of Jinchuan Company yesterday was 103300 yuan / ton, 1400 yuan / ton higher than last Friday. The mainstream transaction is 103100 to 103350 yuan / ton. In the afternoon, nickel prices continued to rise as a whole, but in the afternoon trading was light, trading all day was OK, downstream attitude was divided, and the mainstream transaction was 103100 to 103500 yuan / ton. Nickel pig iron, yesterday southern steel plant 1060 yuan / nickel point inquiry, to the plant including tax, a new high since November last year. Indonesia's nickel pig iron, Indonesia's Qingshan Hengjia nickel industry will bake the second 42000KVA furnace in early March, and is expected to produce 800 to 900 tons of metal per month after normal.
Nickel price judgment: after the festival pure nickel low warehouse + steel mills after the festival replenishment market support, superimposed Sino-US trade dispute relaxation brought warm atmosphere, nickel price recently went up to 103400 yuan / ton, is now close to the previous dense trading range. In the absence of more positive factors to boost, short-term or into consolidation, observe the nickel pig iron and pure nickel price difference data to guide the market.
On the inventory side, nickel stocks totaled 198900 tons on the 25th, down 1062 tons from the previous day; on Friday, stocks in Shanghai + East China + Free Trade Zone totaled 58981 tons, down 1.2 per cent from the previous Friday. Specifically: last period stocks of 11300 tons, down 903 tons from the previous Friday; East China stocks on Friday compared with the previous Friday reduced by 11300 tons to 17300 tons, bonded area stocks increased by 700 tons, or about 30400 tons.
