[brief comment on nickel in SMM] Shanghai nickel shock falls below the 110000 yuan / ton mark

Published: Jul 29, 2019 15:54

Save

SMM, July 29 / PRNewswire-Asianet /-

Shanghai nickel 1910 opened today at 110880 yuan / ton, at the beginning of the plate, the pressure-bearing 5-day moving average concussion downward, to 110000 yuan / ton gate to get support, the center of gravity around 110200 yuan / ton first-line concussion finishing. In the afternoon, short positions increased, Shanghai nickel fell sharply, falling below the 110000 yuan / ton mark, down 108920 yuan / ton, followed by Shanghai nickel shock revised up to close at 109450 yuan / ton, down 1090 yuan / ton, down 0. 99% from the previous day's settlement price, position volume increased 6022 hands to 342000 hands, trading volume decreased 256000 hands to 1.065 million hands. Throughout the day, the Shanghai Ni 1910 contract closed at the Xiaoyin line, bearing pressure on the 5-day moving average above, focusing on whether Shanghai Ni can hold the 108000 yuan / ton barrier in the evening.

Focus on the Dallas Fed Business activity Index for July.

[for more information, please subscribe to the SMM nickel research group products "China Ni-Cr stainless Steel Industry chain General report", "China Ni-Cr stainless Steel Industry chain High end report" to obtain the latest nickel ore, nickel pig iron (China + Indonesia), electrolytic nickel, nickel sulfate, chromium ore, ferrochromium, stainless steel (China + Indonesia) related data analysis and market analysis! For order and trial, please call 021 5166 6817 QQ: 2880 505562, contact: Li Chuntian]

(Li Chuntian TEL:021-5166 6817 QQ: 2880505562)

Shanghai nickel spot nickel price trend forecast SMM brief review daily review Shanghai nickel futures

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

26 mins ago

[SMM Nickel Flash] Russian govt extends ban on exporting sulfur until June 30, 2026

[SMM Nickel Flash] March 31, the Russian government has extended the ban on exporting industrial sulfur until June 30, 2026, the government's press service reported. According to the signed decree, the restriction applies to the export of liquid, granulated, and lump sulfur. However, low-grade sulfur may be exported without restrictions, subject to confirmation from the Industry and Trade Ministry. The temporary restriction does not apply to shipments to Eurasian Economic Union member states, Abkhazia, and South Ossetia. Sulfur may also be exported for humanitarian aid, as part of international transit shipments, and to support the activities of Russian organizations on the Svalbard archipelago.

26 mins ago

10 hours ago

[SMM Nickel Flash] US Faces 742,000 mt Nickel Deficit by 2035 Amid Zero Smelting Capacity

The United States currently operates no domestic nickel smelters, leaving North America entirely reliant on just two remaining pyrometallurgical facilities in Canada. Compounding this critical supply chain vulnerability, a recent report by the Carnegie Endowment for International Peace projects that the US will face a massive annual nickel deficit of approximately 741,987 tonnes by 2035. To address this severe shortfall, awaruite (a naturally occurring nickel-iron alloy) is emerging as a strategic solution. Because awaruite concentrate can bypass traditional smelting and be directly converted into nickel sulfate, it is favorably positioned to qualify for the US Section 45X Advanced Manufacturing Production Credit, helping to secure domestic defense and EV battery supply chains.

10 hours ago

[SMM Nickel Flash] Canadian Awaruite Project to Bypass Smelting with 60% Ni Concentrate

According to industry reports, the Pipestone XL project in Newfoundland, Canada, is advancing its awaruite (Ni₃Fe) nickel-cobalt deposit to supply the North American defense and energy storage sectors. Awaruite, a naturally occurring, sulfur-free magnetic alloy containing approximately 77% nickel, enables the production of a high-grade ~60% nickel concentrate through simple magnetic separation and flotation. This unique metallurgical profile completely bypasses carbon-intensive pyrometallurgical smelting and early hydrometallurgical stages like high-pressure acid leaching (HPAL).

10 hours ago