SMM, 12 October:
LME inventories have fallen for the 10th consecutive day since September 30, with a maximum one-day decline of 8898 tonnes. As of October 11, LME inventories fell to 98562 tonnes from 157986 tonnes on Sept. 30, a cumulative decline of 59424 tonnes, or nearly 40 per cent.
Although inventories have fallen sharply in recent days, the trend of Lunni has been relatively stable, fluctuating in the range of 17100-17800 US dollars / ton in the past two weeks, with the overall center of gravity around the 5-day moving average.
Shanghai nickel trend in the inner plate is also stable, the overall 5 / 10 moving average of 137500 yuan / ton narrow shock, during the occasional exploration, but the lower 135000 yuan / ton pass to get some support.
Lunni stocks fell sharply, but the current nickel price trend is relatively stable. Nickel spot trading held stable, the transaction atmosphere is relatively light.
There is market news that the reduction in inventory is mainly due to the withdrawal of goods by a large steel mill, and the bulls have not left the market in the early stage. In order to avoid a large number of positions leading to a sharp drop in the disk, they choose to deliver and pick up the goods, or they want to attract bulls to enter the market or close short positions through the impact of a sharp reduction in inventory.
[for more information, please subscribe to SMM Nickel Research Group products "China Nickel Chromium stainless Steel Industry chain General report" and "China Nickel Chrome stainless Steel Industry chain High end report" to obtain the latest nickel mine, nickel pig iron (China + Indonesia), electrolytic nickel, nickel sulfate, chromium ore, ferrochromium, stainless steel (China + Indonesia) related data analysis and market analysis! For ordering and trial reading, please call 021-5166 6817 QQ: 2880505562, contact: Li Chuntian]
(TEL:021-5166 6817 QQ: 2880505562)