[2019.7.11 minutes of nickel internal morning meeting] spot nickel transactions continue to be light and discordant. It is clear that some US data have exceeded expectations, but interest rate cuts are still expected.

Macroscopically, yesterday the United States as of July 6 in the week of initial jobless claims (10,000) announced: 20.9, down to a three-month low. The core CPI rate rose 0.3 per cent in June, the biggest increase since January 2018, after rising 0.1 per cent for the fourth month in a row. The dollar was supported by two better-than-expected figures released in the US. Today's data should focus on China's M2 annual rate of money supply in June; the monthly rate of industrial output in the euro zone in May; the monthly PPI rate in June in the United States; in the afternoon, the Information Office of the State Council held a press conference, Li Kuiwen, spokesman for the General Administration of Customs and director of the Statistical Analysis Department, gave a briefing on China's imports and exports in the first half of 2019 and answered questions; IEA released its monthly crude oil market report.

Nickel spot: July 11, SMM 1 # electrolytic nickel 102300 to 104300 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 500-400 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1400 to 1500 yuan / ton. Yesterday morning trading hours, Shanghai nickel continued to strengthen, basically in the vicinity of 102800 concussion, the market is calm, as high as 103000 yuan / ton, the carrier shipment-based, but the transaction is unusually light. In the second trading session, prices continued to rise after a brief period of stability, and the market reaction converged in the morning.

Nickel pig iron: SMM July 12-according to SMM research, a southern steel plant this week high nickel iron transaction price of 970 to 980 yuan / nickel point, to the plant including tax, flat inquiry and last week's price, of which the extra large single transaction price increased by 20 yuan / nickel point to 1000 yuan / nickel point, it is known that there is only one transaction.

Stainless steel: July 11, Wuxi stainless steel plant guidance price of hot rolling generally increased by 50 yuan / ton, details: https://news.smm.cn/news/100948409

In terms of inventories, nickel stocks were 153400 tons on 11 July, a decrease of 192 tons compared with 10 July.

Nickel price judgment: in the near future, the fundamentals are still not significantly changed, the macro environment is also neutral, some of the single profit-taking tendency or make the disk temporarily rest, expected to stay high in the short term shock, but the domestic import window is completely closed, nickel inventory data in the recent low, do not rule out the later bulls after the re-trial to continue to raise the price of the outside market.