Macro: on June 24, even in the run-up to the end of half a year, the interbank market remained liquid, with the weighted average rate of overnight pledged repo (DR001) for interbank deposit institutions at 0.9873 per cent around 10:00 yesterday, the lowest since the index was launched on December 15, 2014, below 1 per cent for the first time. Today, attention should be paid to the annualization of the total number of new home sales in the United States in May; the Richmond Fed Manufacturing Index and the Conference Board Consumer confidence Index in June; and New York Fed Chairman William Williams delivered an opening speech at the Financial Forum.
Nickel spot market: SMM 1 # electrolytic nickel 98700 to 99900 yuan / ton. Starting this week, traders mostly bid up the Shanghai nickel 1907 discount, Russia and nickel than Shanghai nickel 1907 discount 200 to 100 yuan / ton. Jinchuan nickel than Shanghai nickel 1907 contract generally reported a water rise of 1000 yuan / ton. The Russian nickel contract is generally flat compared with the Wuxi 1907 contract, and Jinchuan nickel is generally reported to have increased the water by 1100 yuan per ton compared with the Wuxi 1907 contract. Early trading hours, the overall market price is still high, individual traders in Shanghai nickel 98800 yuan / ton position to discount 200yuan / ton transaction. However, procurement sentiment is still cautious, only on-demand procurement, sufficient supply of goods in the spot market, strong wait-and-see sentiment downstream. Jinchuan company recently reduced water sales, but traders feedback that the supply of goods in Shanghai is not abundant, according to Jinchuan company factory price to pick up the goods, but Jinchang headquarters can pick up the goods. Jinchuan nickel ex-factory price of 99200 yuan / ton, up 400 yuan / ton from Friday, the mainstream transaction at 98500 to 99600 yuan / ton. Afternoon nickel prices continue to revolve around 99600 yuan / ton shock, as a result of light trading, traders slightly reduced Russian nickel gold Sichuan rising water, but the effect is very small, the whole day trading is still not optimistic, the mainstream transaction in 98400 to 99500 yuan / ton.
Nickel pig iron market: June 24, according to SMM research, a steel mill in the south this week high nickel iron inquiry price of 960 yuan / nickel point, to the plant including tax, the same as last week.
Stainless steel market: June 24, Wuxi stainless steel plant Hongwang quotation increased by 50 yuan / ton other steel mills than last Friday flat details can be found at: https://news.smm.cn/news/100941392
On June 24, Ningbo Baoxin ex-factory price in July 2019 (including tax price): 304cold rolling 14800 yuan / ton, month-on-month increase of 14800 yuan / ton; 430cold rolling 9700 yuan / ton, down 100 yuan / ton from June.
In terms of stocks: 168900 tons of nickel were in stock on 24 June, an increase of 192 tons over 21 June.
Nickel price judgment: the leak at the Koniambo refinery in New Caledonia on 24 June attracted market attention and may have given some boost to disk sentiment, although the fundamental impact would be small if the shutdown was not long-term. The good liquidity of domestic funds and the atmosphere of trade war have not been further upgraded, coupled with the news of refinery leakage accidents are the factors supporting the disk surface, and the recent price judgment is still focused on the macro environment, especially the progress of Sino-US trade negotiations.
