Macroscopically, the dollar fell slightly yesterday, as Mr Trump again attacked the Fed's interest rate policy and rising expectations of a rate cut. In the morning, China released the CPI index and PPI index in May, CPI rose 2.7% from a year earlier, up 0.2% from the previous month, in line with expectations; PPI rose 0.6% from a year earlier, down 0.3% from the previous month. Today should focus on the US non-quarterly CPI index and core CPI index and the US EIA crude oil stocks for the week ended June 7; through a speech by ECB President Draghi focused on the possibility of the ECB cutting interest rates.
Nickel spot market: yesterday SMM 1 # electrolytic nickel 96450 to 97600 yuan / ton. In the morning, Russia and nickel generally reported water leveling compared with Wuxi 1906, and Jinchuan nickel generally reported a water rise of 1000 yuan to 1100 yuan / ton compared with Wuxi 1906 contract. Today's market after yesterday's decline, stabilized and rebounded, traders reported last night in the 95800 yuan / ton position and this morning's 96100 yuan / ton plate near the transaction, mainly Russian nickel. With the rise of the disk, downstream transaction enthusiasm declined, basically wait and see, some traders replenish goods, now downstream procurement is basically a small amount of replenishment. Jinchuan ex-factory price quoted 97300 yuan / ton, down 200 yuan / ton from yesterday, the mainstream transaction at 96500 to 97600 yuan / ton. At the opening of the afternoon, nickel prices rose sharply by about 1000 yuan per ton, and most of the downstream were on the sidelines, with mainstream trading at 96650 to 97800 yuan per ton.
Stainless steel market: yesterday morning Delong, Chengde and other stainless steel plants 304 hot rolling guidance price down 50 yuan / ton, agents also followed by their respective shipping prices have been reduced. But SMM afternoon the latest research understanding, steel mill guidance prices back to the original level. Some people believe that in the afternoon, the rise in nickel prices may have a certain impact on the price correction. As of yesterday afternoon, Wuxi spot market, 304 NO.1 volume price quoted 13300 to 13400 yuan / ton, the actual transaction situation and yesterday compared with little change. Yesterday morning stainless steel mill cold rolling guidance price was the same as the day before yesterday, but according to SMM research, steel mill guidance price increased by 50 yuan / ton in the afternoon. Yesterday, Wuxi market, 304 2B volume price quoted 13800 13850 yuan / ton. Some agents said that although the price rose slightly, but the actual transaction is light.
Nickel sulfate market: yesterday SMM nickel sulfate price 23500 26, 000 yuan / ton, the average price fell 250 yuan / ton compared with the previous working day. The market price of battery-grade nickel sulfate continued to fall, and the transaction was relatively concentrated from the end of May to the beginning of June, while in the near future, the market transaction atmosphere was relatively light, the downstream purchasing rhythm was slow, the shipment was not easy, and the center of gravity of the market dropped somewhat. The latest transaction is around 23500 to 24000 yuan / ton. The market price of electroplating grade nickel sulfate is stable.
In terms of stocks: nickel stocks were 163900 tons on 11 June, a decrease of 18 tons compared with 10 June.
Nickel price judgment: from the basic point of view, although the whole is short, but in the near future should be cautious operation. The heavy rain in Indonesia disturbed the market sentiment, the short position risk increased, the closing position closed up and raised the disk price, coupled with the low deliverable inventory of domestic pure nickel itself, the bulls inside and outside the market were not to be underestimated, the Back structure of Shanghai nickel contract was expanded, and the risk of squeeze position was widely concerned, and the nickel price was expected to be consolidated in the short term.