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[minutes of SMM nickel internal morning meeting] falling prices stimulate downstream procurement of electrolytic nickel to improve transactions
Jul 3,2019 10:01CST
translation
Source:SMM
Nickel price judgment: yesterday's transaction improvement led to Russian nickel spot discount narrowed, yesterday afternoon Russian nickel spot to Shanghai nickel 1908 discount range in 400 to 500 yuan, spot registration into warehouse receipt delivery possibility still exists. A large number of bulls took profits for three consecutive trading days, with a sharp pullback to the 100000 mark. Before the price difference structure is observed to change again and the bulls are rearranged to enter the market, the short-term or weak operation is observed.
The content below was translated by Tencent automatically for reference.

SMM, July 2 / PRNewswire-Asianet /-

Macro: the dollar fell yesterday, followed by a retaliatory rebound; analysts pointed out that technically speaking, after Changyang, do not chase more, investors need to be cautious about bullish dollars before the release of non-agricultural data on Friday. The dollar closed down 0.07% at 96.765. As the OPEC maintains the production reduction agreement, the oil price is supported in the short term, but because the international environment still has a great impact on the oil price, it is difficult for the crude oil to appear the trend market.

Nickel spot market: yesterday, SMM1# electrolytic nickel 99500 101800 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 600-500 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1000 yuan / ton. In early trading, prices rose sharply after falling back, fell to the 100000 level near the concussion concentrated transaction, Russian nickel general report discount 500yuan / ton, the transaction is limited. Individual traders reported a discount of 600 yuan / ton, which stimulated the transaction and was relatively active, but then due to the leakage of the disk, the spot shippers raised the quotation to 500 yuan / ton of discount. Jinchuan nickel basically rose 1000 yuan / ton, although the trading is light, but the holder has a strong willingness to lift water, No. 1 Jinchuan nickel supply is tight. The second trading period, the price continues to fluctuate near the 100000 pass, some wait and see downstream procurement, but the quantity is limited, Jinchuan nickel factory price is 99700 yuan / ton, but can be delivered Jinchuan nickel supply is less, this price for Electrodeposited nickel, the market is still traded by traders, the mainstream transaction at 99400 to 100800 yuan / ton. Afternoon nickel price narrow range shock, the market buying enthusiasm is not as good as in the morning, mainly wait and see, cautious procurement, trading all day than last week slightly improved, the mainstream transaction in 99400 100800 yuan / ton.

Stainless steel: on July 2, despite the sharp drop in nickel prices, stainless steel mills actively pushed up the price, Wuxi and Foshan 300series stainless steel hot rolling quotation increased by 50 yuan / ton, Wuxi 304 NO.1 coil price quoted 13700 to 13800 yuan / ton, Foshan 304 NO.1 coil price quoted 13650 13750 yuan / ton. The price of 300 series cold rolling is stable, the quotation is the same as the previous day, and the overall transaction is general. In terms of stocks: nickel stocks were 161400 tons on July 2, a decrease of 210tons compared with July 1.

Nickel price judgment: transaction improvement led to Russian nickel spot discount narrowed, yesterday afternoon Russian nickel spot to Shanghai nickel 1908 discount range in 400 to 500 yuan, spot registration into warehouse receipt delivery possibility still exists. A large number of bulls took profits for three consecutive trading days, with a sharp pullback to the 100000 mark. Before the price difference structure is observed to change again and the bulls are rearranged to enter the market, the short-term or weak operation is observed.

 

Nickel
minutes of internal morning meetings

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