[2019.11.14 minutes of Nickel Internal Morning meeting] after the decline in nickel prices, spot transactions can continue to be substantially reduced by the latest guidance prices in stainless steel plants.

On the macro front, the dollar fell slightly by 0.01 per cent yesterday. Last night, the United States announced that the monthly rate of CPI after the October quarterly survey was 0.4%, higher than the expected value of 0.3% and the previous value of 0%, and refreshed the highest level since March. Powell also said that if the economy does not deteriorate substantially, interest rates will remain unchanged. The US consumer price index rebounded in October, recording a better-than-expected performance, indicating a rise in potential inflation, coupled with improved trade and easing fears of recession, supporting the Fed not to cut interest rates further in the near future.

Nickel spot: on November 13, Russian nickel was 2400 yuan higher than Shanghai nickel 1912 to 2500 yuan per ton. Jinchuan Nickel rose 4000 to 4200 yuan / ton compared with Shanghai Nickel 1912 contract. Jinchuan holders recently quoted water according to the difference between Shanghai Nickel 1911 and Shanghai Nickel 1912 contract. Nickel prices continue to operate weakly today, spot transactions are slightly less active than yesterday, downstream completed part of the replenishment yesterday, in nickel prices continue to weak operating conditions, wait-and-see mood is slightly stronger. And the holder can Shanghai nickel 1911 liters of water under the price conditions, are actively shipped. The ex-factory price of Jinchuan Company is 129500 yuan / ton, which is the same as yesterday. In the afternoon, Shanghai Nickel 1912 contract slightly stronger trend, spot transactions are not as active as in the afternoon.

Nickel pig iron: November 13 SMM 8-12% high nickel pig iron (ex-factory price) is 1110-1140 yuan / nickel point, 25 yuan / nickel point lower than yesterday. Dragged down by the decline in nickel prices, the focus of negotiations in the high-nickel pig iron market has dropped significantly. It is understood that the latest quotation intention of suppliers is 1140-1150 yuan / nickel point (ex-factory price), but there is no deal, mainly due to the general completion of stainless steel factory procurement within the year, temporary external procurement intention is not strong, coupled with the recent nickel price downturn, good news temporarily out, the buyer also has a strong wait-and-see mentality.

Nickel mine: on November 13, the Indonesian government announced that for the first time, the Indonesian laterite nickel mine with a grade of 1.7% was priced at US $30, according to industry insiders, which is the price of domestic trade in Indonesia. The Indonesian nickel miners association said on Wednesday that antitrust authorities had launched an investigation into the pricing of domestic smelters; sales of nickel ore from the two largest nickel ore producers in the Philippines fell by more than 1 per cent in the first nine months of the year, even though the country's exports to China hit a 13-month high in September. From January to September, the amount of nickel ore sold to Chinese customers fell 1.5 per cent to 4.642 million wet metric tonnes, compared with 4.711 million wet metric tonnes in the same period last year, Global Ferronickel said.

Stainless steel: November 13 Wuxi area quotation: state-owned 304 2B cutting edge volume price 15500-15700 yuan / ton, private 304 2B rough edge roll price 15100-15200 yuan / ton. 304 / NO. 1 five feet at 14400-14500 yuan per ton. In the morning, the quotation in the market is mainly to lower the price and let the goods be shipped. Castle Peak new opening price: 304hot rolled narrow strip price 14100 yuan / ton, waiting to be approved, month-on-month price down 200yuan / ton compared with the last price, 304hot rolled plate price 14500 yuan / ton, down 300yuan / ton compared with the last price. For 10:30 SHFE SS2002 contract selling price 14360 yuan / ton, Wuxi stainless steel spot water 910-1010 yuan / ton. (spot trimming = rough edges + 170 yuan / ton)

November 13 Foshan stainless steel market state 3042B trimming volume price is 15750 yuan / ton compared with yesterday's average price; private 3042B rough edge roll price is 15750 yuan / ton lower than yesterday's average price is 15200 yuan / ton; today's 304 / NO. 1 5ft roll price is 100 yuan / ton lower than yesterday's average price is 14750 yuan / ton. The overall price of cold and hot rolling in the morning is lower than yesterday's basic 50-100 yuan / ton, many Foshan traders reflect that the lower price mainly lies in the downstream demand market is not good, more low prices to sell goods, let the profit of the transaction. For 10:30 SHFE SS2002 contract selling price 14360 yuan / ton, Foshan stainless steel spot water 960-1060 yuan / ton. (spot trimming = rough edges + 170 yuan / ton)

On the inventory side, Lunni stocks on 13 November were 64194 tons, a decrease of 1218 tons from 12 November.

Nickel price judgment: nickel is short of new good news for the time being, but the low level of dominant inventory still supports the price, and the positive procurement in the lower reaches of the price drop reflects the situation of supply and demand to a certain extent, and maintains a temporary shock to the future price. Pay attention to the inventory changes near the November delivery date and the entry and exit of goods in and out of the bonded area. The internal and external plates of nickel continued to weaken at night, Lunni closed in the small negative line, Boll line under the rail level of $15400 / tonne temporarily supported, today concerned about whether ronickel can hold the $15400 / tonne barrier. Overnight, Shanghai nickel closed in the small negative line, which has been negative continuously since last Friday, and the lower Boll line 120000 yuan / ton pass was temporarily supported. Today, we pay attention to the support of 120000 yuan / ton integer gate for Shanghai nickel.