[brief comment on SMM nickel] Shanghai nickel fell below multiple averages by more than 3 per cent today

Published: Jul 2, 2019 17:03

SMM, July 2 / PRNewswire-Asianet /-

Shanghai nickel 1908 opened at 98760 yuan / ton today, during the day, the overall pressure daily average weak shock operation. At the beginning of the day, Shanghai nickel 08 pressure daily moving average all the way down, to 97200 yuan / ton first line narrow range shock. In the afternoon, Shanghai nickel 08 rose slightly to 97800 yuan / ton, then fluctuated slightly to close at 97510 yuan / ton, down 3520 yuan / ton, or 3.48%, from the previous day's settlement price, trading volume decreased 139000 hands to 660000 hands, and position volume decreased 22600 hands to 147000 hands. Non-ferrous today generally fell, the main Shanghai nickel contract closed in the middle of the day, has fallen below the average and Boll line in the middle of the track, there is no other support below, the Shanghai nickel index today outflow of 288 million yuan. Shanghai nickel is expected to continue to weaken in the evening, the center of gravity or around 97000 yuan / ton first-line shock operation.

The evening focused on the monthly and annual rates of commercial retail sales for the week ended June 29 in the United States.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
20 hours ago
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
Read More
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.
20 hours ago
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
20 hours ago
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
Read More
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
[SMM Nickel Flash] This week, due to a sharp decline in futures triggering arbitrage selling, high-grade NPI prices fell significantly. However, after the selling activity subsided, upstream quotations and the market center gradually returned to normal levels, supported by cost factors. Looking ahead, as the Chinese New Year holiday approaches, market activity is expected to remain subdued, and high-grade NPI prices are projected to hover at highs with limited fluctuations.
20 hours ago
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
20 hours ago
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
Read More
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the Indonesia NPI FOB index average price dropped 2.06 $/mtu WoW to 131.2 $/mtu. At the beginning of the week, futures hit limit-down, and nickel prices fell sharply WoW, driving the emergence of arbitrage supplies sold at low prices, leading to a significant decline in high-grade NPI prices.
20 hours ago
[brief comment on SMM nickel] Shanghai nickel fell below multiple averages by more than 3 per cent today - Shanghai Metals Market (SMM)