Macro: today, China and the United States held the 12th round of trade negotiations in Shanghai. In this round of negotiations, China and the United States have carried out measures of goodwill such as trade in agricultural products and the removal of tariffs on some commodities, and market risk sentiment may have improved. The following attention will be on Thursday 02 / 00 Beijing time, when the Federal Open Market Committee (FOMC) will announce interest rate resolutions and policy statements, and on Thursday 02 / 30 Beijing time, Federal Reserve Chairman Powell will hold a press conference, as well as Friday's non-agricultural data.
Nickel spot: July 29, SMM 1 # electrolytic nickel 110000 to 112000 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 200-paste 150 yuan / ton or so, but the actual transaction to discount 250 yuan / ton is more positive, narrowed slightly than last Friday. Jinchuan nickel generally reported a water rise of 1800 yuan per ton compared with the Shanghai nickel 1908 contract, slightly narrower than last week. In early trading, nickel prices rose and fell back, in the process of falling, 110700, 110500, 110300 have a small amount of transactions, Russian nickel and Jinchuan nickel have. The holder's willingness to push up the discount is strong, mainly due to the low inflow of goods in the later period. Jinchuan company maintenance stage, the supply is tight. The second trading period, nickel prices around 109000 yuan / ton consolidation, spot transactions slightly improved than in the morning, but the overall pace of taking goods is still cautious, downstream on-demand procurement, traders are also willing to post 300yuan / ton replenishment, but low-priced goods are difficult to find.
Nickel pig iron: at 22:46 local time on July 27, the WP&RKA laterite nickel project in Jinchuan, Indonesia, produced the first furnace of ferronickel from the 3 # line. This is another major breakthrough after the smooth production of ferronickel from the 4 # line of the project on May 28, indicating that the 4 # and 3 # lines of the WP&RKA laterite nickel project in Jinchuan, Indonesia have been put into operation.
According to SMM research, the inquiry price of high nickel iron in a steel plant in southern China this week is 1040 to 1060 yuan / nickel point, including tax, which is 10 yuan / nickel point lower than the transaction price last week.
Stainless steel: July 29 Qingshan Group 304hot rolled narrow strip price 13900 yuan / ton, offer pending approval, August futures, down 400 yuan / ton from the previous offer.
Stocks: 144000 tons of nickel bullion stocks on 29 July, a decrease of 1074 tons compared with 26 July.
Nickel price judgment: the bulls are still on the market. On the premise of no obvious change in fundamentals, nickel prices continue to be affected by capital sentiment in the near future, superimposed next week Sino-US trade negotiations are expected to warm, and the US dollar is expected to weaken after the Fed cut interest rates, and nickel prices are expected to run on the strong side. But watch out for the recent weakness in stainless steel prices, a possible crackdown on nickel prices, as well as differences between the long and short sides in this position, and watch out for capital outflows.