SMM News: on Tuesday, the tariff Commission of the State Council issued an announcement to increase the tariff rate on some imports originated in the United States. Anxiety has revived, and zinc and nickel have come under pressure. As of 14:45, Shanghai zinc main contract ZN1906 to 21010 yuan / ton, down 0.38%, Shanghai nickel main contract NI1906 to 95790 yuan / ton, down 0.8%.
On the zinc side, LME stocks increased again by 7750 tons yesterday, while the LME0-3 price gap hit an all-time high of US $141 per tonne. At a time when the macro situation is becoming more tense, domestic infrastructure expectations are strong. In the near future, zinc prices will still be weak in the short-and medium-term fundamental deviation. On the nickel side, according to foreign media reports, the first quantum or restart of the Ravensthorpe nickel-cobalt mine, at the same time, according to the latest research, the first production line in Jinchuan Indonesia has already started in May, and the new production capacity in Neiman, Inner Mongolia may be advanced to July. Against the background of the higher-than-expected increase in nickel supply in the second quarter, there are still hidden worries about the surplus of nickel supply in the future. The electrolytic nickel import window opens, the stainless steel stocks in the two places rise again, and the nickel price is easy to fall and difficult to rise in the near future. Recently, due to the continuous economic and trade turmoil between China and the United States, the market risk preference has declined significantly, and there is still downward pressure on metal prices in the short term.