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[SMM Analysis] the trend of nickel futures and spot is now different from each other, and the risk of crowding out is or mitigated.
Jun 26,2019 19:19CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, June 26 / PRNewswire-Asianet /-

As of June 26, 2019, the domestic nickel still has a Back structure. The back price difference between Shanghai Ni 1907 and 1909 contracts has narrowed from about 800 yuan / ton to 450 yuan / ton, and then slightly expanded to about 600 yuan / ton. The domestic Shanghai nickel near strong and far weak pattern is maintained, although the domestic inventory continues to increase, but the number of delivery is still low, the hidden danger still exists.

However, from the spot discount point of view, this Wednesday Russian nickel to Shanghai nickel 1907 contract discount 500-400 yuan / ton, the discount is further expanded, the feedback from the holder, the spot market trading is unusually light, the willingness to receive goods downstream is not strong. From the spot discount point of view, there are differences between the spot and the disk trend, if the spot discount has not improved, the spot will be registered as warehouse receipt inventory for delivery, the nickel back structure will be narrowed, to a certain extent, will alleviate the risk of extrusion.

From the absolute price point of view, the nickel price as a whole is still relatively strong, first, because the risk of crowding out the warehouse still exists, short sellers are afraid. Second, due to the warm expectations of Sino-US trade negotiations and other macro effects, please see https://news.smm.cn/news/100942764 for details.

 

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