SMM, June 4 / PRNewswire-Asianet /-
On the macro front, the dollar tumbled yesterday, falling as low as 97.103, its lowest level since May 13. The main reason is that speeches by dove officials from the Federal Reserve superimposed weak US economic data. It is reported that Fed Brad said in his speech that the risks of trade and inflation may soon cause the Fed to relax monetary policy, given the global trade tensions and the rising risks to economic growth posed by weak inflation in the United States. The US may cut interest rates "soon". On the data side, both the US Markit manufacturing PMI final value for May and the US ISM manufacturing index for May released last night fell short of expectations, with ISM data being the weakest month in two and a half years. China's Caixin manufacturing PMI in May, the previous value: 50.20 expected: 50, the real value of 50.20. In May, domestic and foreign demand in China's manufacturing industry was good, and the price level was stable, but entrepreneur confidence was weak and corporate inventories were still low.
Spot: yesterday SMM 1 # electrolytic nickel 97350 to 98100 yuan / ton. In the morning, Russia and nickel than Wuxi 1906 universal discount 100 yuan / ton, but traders feedback that discount narrowing is not spot transactions become better, only because the market decline is larger, discount slightly narrowed, the transaction is still light. Jinchuan nickel than Wuxi 1906 contract generally reported a water rise of 600 yuan / ton. However, the basic price is no market, the trading is also light, traders feedback the recent downstream consumption is not good, the spot market supply is sufficient, delivery is difficult. Disk prices continue to fall, downstream take goods more cautious, only on demand a small amount of procurement. Jinchuan ex-factory price quoted 97700 yuan / ton, down 1300 yuan / ton from Friday, the mainstream transaction at 97200-97900 yuan / ton. Afternoon nickel prices around 97000 yuan / ton consolidation, trading on Monday has not improved, spot transactions are unusually light, the mainstream transaction at 97000 to 97800 yuan / ton.
Stainless steel market: in June, the maintenance of steel mills is mainly 200 series, which is expected to affect the output of 50,000 tons. The northwest stainless steel plant with an annual production capacity of 1.2 million tons began annual maintenance in mid-June, of which 5000 tons were 5000 tons and 400 tons were 10, 000 tons, and the annual maintenance of cold rolling equipment was carried out in July. Yesterday, the steel mill guidance price flat, some agents let profit shipment, but the downstream demand is weak, the transaction has not been improved. According to SMM research, a steel plant in the south this week high nickel iron inquiry price of 960 yuan / nickel point, to the plant including tax, the transaction price is the same as last week.
In terms of stocks, the 3-day nickel stock was 158900 tons, an increase of 342tons over the previous day.
Nickel price judgment: bearish expectations in the realization process: 1. East China large-scale nickel pig iron plant and Indonesia nickel pig iron production as planned, nickel pig iron supply gradually become relaxed, high nickel pig iron than electrolytic nickel continuous water. two。 The stainless steel market demand is general, the overall transaction is general, the steel factory is high, the price is stable briefly, and the social inventory maintains the high level in recent years. The fundamentals are weak, and the general direction of nickel prices continues the weak pattern.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)