Home / Metal News / [2019.8.8 minutes of nickel internal morning meeting] nickel prices skyrocketed spot quotations tangled stainless steel followed suit

[2019.8.8 minutes of nickel internal morning meeting] nickel prices skyrocketed spot quotations tangled stainless steel followed suit

iconAug 8, 2019 10:16
Source:SMM

Macroscopically, US EIA crude oil stocks increased by 2.385 million barrels to 438.9 million barrels, with unexpected growth recorded after seven consecutive weeks of decline. Some analysts believe that bearish sentiment and deteriorating global macro forms seem to have gained the upper hand, cracking down on oil prices. China's foreign exchange reserves rose by US $31 billion at the end of July compared with the beginning of the year, and analysts believe that foreign exchange reserves will also be stable in the later period. China's gold reserves rose for eight months to 62.26 million ounces, up 320000 ounces from the end of June.

Nickel spot: August 7 SMM 1 # electrolytic nickel 117700 119400 yuan / ton. The discount of Russian nickel is about 300yuan / ton compared with Shanghai nickel 1909, and Jinchuan nickel is 13001400 yuan / ton higher than Shanghai nickel 1909 contract. Individual traders reported a water increase of 1500 yuan per ton, with a basic price and no market. Early trading hours, nickel prices around 118000 shock, downstream continue to fear high and cautious procurement, wait-and-see, traders between the warehouse is not active, mainly due to low-priced goods difficult to receive, holders strong willingness to lift water. Higher nickel prices lead to a sharp rise in the cost of downstream raw materials, downstream actively looking for other alternative raw materials. Jinchuan nickel recent trading is also light, downstream difficult to bear high nickel prices, Jinchuan nickel shipment is not smooth, rising water stable small and medium-sized decline. The second trading period, nickel prices as a whole strong operation, close to the morning, sharply fell to 117600 yuan / ton, nickel price wide fluctuations, the downstream stimulus is limited, the transaction continues in the morning.

Stainless steel: cold and hot rolled steel in Wuxi area on Aug. 7 is 100 yuan / ton higher than yesterday, 304 / 2B rough edge coil price is 15200-15300 yuan / ton, 304 NO.1 is 14600-14700 yuan / ton. Some traders said that downstream on-demand procurement, the overall market transaction is more stable.

Stock: 141900 tons of nickel in stock on August 7, a decrease of 294 tons compared with August 6.

Nickel price judgment: as long as there are funds to support nickel prices still have the possibility to continue to strengthen, fundamentals, although there is no major good news, but the overall situation is still biased towards the bulls.

Nickel
minutes of internal morning meetings

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