[2019.7.4 minutes of nickel internal morning meeting] short position reduction nickel temporary steady decline Russo-nickel sticker narrowed slightly

Macroscopically: the dollar index rose slightly yesterday, with the dollar index falling from a two-week high to basically flat at 96.77, while the dollar index fell earlier as Treasury yields continued the previous day's decline, with the 10-year Treasury yield hitting a two-and-a-half-year low below 1.94 per cent. Us President Donald Trump has accused Europe of playing a big game of currency manipulation. Trump tweeted that after Europe manipulated its exchange rate and injected money into its system, and the United States could do something equivalent, the index hit an intraday low. The weak June ADP jobs report triggered some weak expectations for Friday's non-farm payrolls report. The dollar closed at 96.76, down 0.02%.

Nickel spot market: yesterday, SMM 1 # electrolytic nickel 97000 to 99600 yuan / ton. Russian nickel than Shanghai nickel 1908 sticker 450-sticker about 400 yuan / ton. Jinchuan nickel compared with Shanghai nickel 1908 contract generally reported rising water 2000 yuan / ton, early trading hours, the price around 9.74-97500 yuan / ton shock, following yesterday's substantial improvement in trading, today's Russian nickel transaction is slightly light, Jinchuan nickel transaction continued yesterday's positive mood, the second trading period, prices continue to fluctuate, some traders according to their own shipment situation, a small increase in Russian nickel water, Jinchuan nickel continues to liter 2000 yuan / ton shipment. The ex-factory price of Jinchuan Company was quoted at 99500 yuan / ton, up 300yuan / ton from yesterday, mainly due to the improvement of transaction, the supply of goods in Jinchuan is tight, and the mainstream transaction is 97000-99600 yuan / ton. Afternoon nickel prices continue the morning trend, the enthusiasm to wait and see in the afternoon, Russian nickel paste level is stable, Jinchuan nickel holders continue to raise water to 2500 yuan / ton, strong willingness to lift water, trading relatively active all day, but not as large as yesterday, the mainstream transaction at 96900 99700 yuan / ton.

Stainless steel: 7.3 afternoon, Qingshan agents released the latest 304hot rolled narrow strip price of 13500 yuan / ton, compared with July 1 price down 200yuan / ton; 304hot rolled plate quoted price of 13700 yuan / ton. 7.4 North Sea Chengde July East China, South China guide price closed.

Inventory: 158300 tons of nickel on July 3, a decrease of 3156 tons compared with July 2.

Nickel price judgment: yesterday Russian nickel spot held steady in the discount 450-discount 400, the possibility of spot registration into warehouse receipt for delivery still exists. Yesterday, non-ferrous metals rose more and fell less, nickel to short positions to temporarily stop the decline. 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.