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SMM basic Metals spot Trading Weekly Review (2020.03.30-2020.04.03)
Apr 3,2020 21:24CST
translation
Source:SMM
SMM basic Metals spot Trading Weekly Review (2020.03.30-2020.04.03)
The content below was translated by Tencent automatically for reference.

SMM, 03 April:

This week, basic metals were first suppressed and then rose during the week. At the beginning of the week, amid the crisis of sharp spread and rise of the global epidemic, the weakness of superimposed US employment data dragged down the arrangement of low levels of non-ferrous metals. Led by a continuous rebound in crude oil prices, there was a trend of bottom recovery. On Friday, SMMI rose 1.77% one after another. Among them, zinc, copper and tin rose more than 2%, zinc led the rise, SMMI.Zn weekly tension 2.85%. Lun Zinc rushed up the US $1900 mark near US $1850, and the zinc in Shanghai period rose nearly 500 yuan / ton during the week. From the first line of 15500 yuan near the Wan Wu pass, the weekly increase was more than 2%. The spot rising water held steady at about 70 yuan / ton, and the low level of transaction was OK. Lun copper surged $4900 on Friday after consolidation near $4850, a weekly increase of more than 2%. After finishing near the 39000 yuan mark, Shanghai copper broke through the 40, 000 yuan integer mark in one fell swoop, and the ratio was revised upward. Spot water rose to 120, 150 yuan / ton in the expected tax cut, and SMMI.Cu rose 2.19% per week. Tin ranked third, Shanghai tin low rebounded to more than 120000 yuan, spot transactions in the rebound depressed, SMMI.Sn weekly up 2.04%. Nickel gets rid of the low position within the week, first suppresses and then rises, Russian nickel in the expected reduction in supply to the discount to water, low prices and low water state, the transaction is OK, SMMI.Ni weekly rose 0.75%. Aluminum fundamentals are weak, but Shanghai aluminum in the tax reduction expectations narrowed, transactions warmed, SMMI.Al rose 0.61 per cent. Shanghai lead disk is subject to the Wan Si pass, but the spot rising water is still strong at more than 100 yuan, battery manufacturers actively received goods at the beginning of the week, traders made high prices, weak and strong characteristics, SMMI.Pb rose 0.18% per week. On Friday, the central bank announced targeted reductions of 0.5 percentage points, totaling 1 percentage point, for small and medium-sized banks on April 15 and May 15, and cut the excess reserve ratio for financial institutions with the central bank from 0.72% to 0.35% from April 7. To a certain extent, this will inject new stimulus and impetus into the market after Ching Ming Festival, and the market is expected to turn its attention to tax reduction again. Next week, all items may continue to make efforts under the macro favorable policy, and the bulls are expected to push up and get rid of the previous low consolidation state. However, we still need to guard against the spread of the overseas epidemic and the forward pressure on the global economy, the risk of short selling depends on, and the unilateral market is difficult to appear. The long-short game intensifies.

 

Copper: copper is up slightly this week from last week, with a center of gravity fluctuating around $4850 a tonne. Global turmoil during the week. In the context of the sharp drop in oil prices in the early days, Trump stepped in oil prices, and market expectations for Saudi Arabia and Russia to cut production stimulated a sharp rise in international oil prices, driving the global stock index higher, partly hedging the drag on the market caused by the worsening employment data, but also led to a rebound in the non-ferrous sector, and copper prices were boosted again. Lun copper gradually rose from around 4750 US dollars / ton at the beginning of the week and successfully stood above the 10-day moving average. Affected by the epidemic, the production and transportation of copper mines have been disrupted, exacerbating fears of tight copper supply and contributing momentum to the rise in copper prices. But the new crown epidemic is getting worse, and the number of confirmed cases around the world has accelerated beyond the million mark. Countries around the world this week released March PMI data, Europe and the United States are not doing well; the US employment data has deteriorated sharply, the market is pessimistic about the extent of economic contraction and demand prospects. Lun copper's rising momentum weakened, and the center of gravity stabilized at about $4850 / tonne, breaking through the $4900 / tonne mark on Friday by $4936 / tonne, a weekly increase of more than 2 per cent. This week's copper position reduced by more than 8, 000 hands, to 270000 hands, mainly for short reduction; trading volume reduced to nearly 5, 000 hands. At present, Lun copper 5-day moving average has changed from the pressure level to the support level, MACD red column growth, Lun copper 4900 US dollars still have breakthrough pressure, whether to continue the rally and effective breakthrough also pay attention to market risk and long energy.

Copper in Shanghai rose slightly this week compared with last week, with the market breaking through the 40,000 yuan mark over the weekend. During the week, China's macro environment was relatively stable. The core task of monetary policy regulation and control at the 327 Politburo meeting was to "guide the interest rate down in the loan market," reasonably release liquidity to the market, and briefly stimulate a small rise in copper prices. China's official PMI data are significantly better than expected, indicating that the domestic epidemic is well controlled, the economic situation is improving, and market confidence has been boosted in the short term. The main force of Shanghai copper rose slightly from 38680 yuan / ton at the beginning of the week. But the rally was immediately swallowed up by news that the oil price war between Saudi Arabia and Russia continued to disturb oil prices in the middle of the week. Copper prices fell back to a low of 38830 yuan per ton during the week. After that, the sharp rise in oil prices linked to the copper price, Shanghai copper resumed the rally, driven by domestic tax reduction expectations and positive fiscal policy, superimposed copper supply is tight, the highest level of copper in Shanghai broke through the 40000 yuan / ton mark on Friday, reaching 40120 yuan / tonne. The 5-day moving average changed from pressure to support, up 2.8 per cent on a weekly basis. The weekly position of the main force of Shanghai Copper decreased by 8240 hands to 105000 hands, mainly by short positions, while trading volume decreased by 294000 hands to 431000 hands. The weekly position of the Shanghai Copper Index decreased by 11000 hands to 330000 hands, mainly by short positions, while trading volume decreased by 459000 hands to 1.057 million hands.

In the spot market, this week's rise was significantly higher than last week. At the beginning of the week, under the influence of the loose monetary policy and active fiscal policy set by the Politburo meeting, the market was expected to improve. Compared with the low absolute value of the previous copper price, the high rising water suppresses the buying intention, and the transaction is mainly concentrated in the rising water range of 100-130 yuan / ton. The domestic PMI in March is worth announcing that the manufacturing industry returned to production well, which led to the rebound of copper prices in Shanghai, coupled with the expectation of the policy, the willingness of traders to press prices and replenish goods increased, but the holders showed a trend of covering goods and cherishing sales, and the stalemate between supply and demand became more and more obvious. With the rebound of copper prices in Shanghai on Friday, holders still quoted prices of 130-150 yuan / ton, but due to the approach of the Qingming Festival holiday, in order to avoid the risk of the overall market transaction cautious, the weekend market transactions more wait-and-see, the downstream to maintain just need, the market performance is still cautious stalemate.

 

Aluminum: Lun aluminum opened at US $1548 / ton at the beginning of the week. Affected by the spread of the overseas epidemic and weak fundamentals from Monday to Wednesday, the market sentiment closed for three consecutive clouds. on Wednesday afternoon, the bulls continued to reduce their positions and left the market, hovering briefly and finally breaking $1500 / tonne, reaching a low of $1481 / tonne in nearly four years by Thursday morning. The rise in crude oil on Thursday afternoon boosted sentiment in basic metals, with Lun aluminum hitting bottom and rebounding slightly, with the K line closing a small positive line, up 0.6 per cent during the day. Friday's crude oil rally dissipated, while Lunal's own inventory was high and overseas demand weakened. the disk turned into a fall, closing at $1494 a tonne as of 17:32 Beijing time, a return to Brent's derailment. Zhou Neilun aluminum overfell Shanghai aluminum, the price hit a new low in nearly four years, Shanghai and Lun ratio also expanded to around 7.7. The current epidemic situation in the overseas spread intensified, from the fundamental point of view, the current overseas electrolytic aluminum supply side production reduction is limited, but the demand deteriorates rapidly, the surplus pattern has the expansion trend, Lun aluminum will still bear the pressure. The current Lun aluminum week K line has broken Brin off the track, is expected to run next week concussion at 1470-1520 US dollars / ton.

The main Shanghai aluminum company opened at 11680 yuan / ton at the beginning of the week and closed at 11545 yuan / ton on Friday. During the week, it fell 210 yuan / ton, down 1.79%, trading increased 143000 to 445000, position increased 25020 hands to 136000 hands, daily K line closed an inverted hammer negative line. The market was clearly hesitant during the week, hovering around the 5-day moving average from Monday to Wednesday, worsening concerns about weak overseas demand on Thursday and increasing short positions. Shanghai Aluminum reached its lowest level of 11225 yuan / ton in the week, but crude oil prices rose in the afternoon and reversed the trend of basic metals in the short term. Shanghai Aluminum was also led to stop falling and rising. Within the week, the market has certain expectations for the tax reduction, Shanghai aluminum contracts in recent months from the contango structure to try to shift to the back structure, as of today, 2004-2005 contracts between the selling price spread of 35 yuan / ton, 2005-2006 contracts between the selling price spread of 20 yuan / ton; forward contract structure hovering, long-short sentiment is also affected by the tax cut news. Next week is the Qingming Festival holiday returns the first spot trading week, in the tax reduction news continues to ferment under the expectation, the recent month back structure will have the further expansion possibility, the fundamental aspect looks, next week the electrolytic aluminum production reduction area will continue to expand slightly, the external demand weakens the feedback to the aluminum processing industry will be more obvious, the overall supply will still maintain the oversupply situation, Shanghai aluminum is difficult to have the rising momentum. It is expected that the Shanghai aluminum main concussion will run at 11180-11500 yuan / ton next week.

The center of gravity of spot aluminum prices rose this week compared with last week, spot transaction activity increased significantly month-on-month. The spot price in Shanghai and Wuxi is between 11290-11610 yuan / ton, the actual discount is between 80 yuan / ton to Pingshui, and the transaction price in Hangzhou is between 11330-11610 yuan / ton. This week, the shippers are relatively positive, because the tax cut is expected, the middlemen take into account the interest rate spread before and after the tax cut, and will lead to a rise in market prices in the future. This week, the willingness to receive goods is stronger, and the volume of goods received is also significantly higher than last week. In addition, a major player in the market began to carry out the procurement plan this week, and overall, transactions between traders can be concluded this week. Downstream, as aluminum fell from last week, and spot prices rose, the current market price is close to the downstream psychological bottom price, this week's pick-up sentiment is significantly better than last week, superimposed this week near Qingming Festival holiday stock demand, this week downstream delivery status is significantly better than last week.

 

Lead: this week, the lead rushed up and down, the 20-day moving average showed a greater pressure. At the beginning of the week, Lun lead continued to rebound, during which it once broke through the pressure of the 20-day moving average, reaching a high of US $1754 / ton. After breaking through the key position, the overseas epidemic further broke out, and Lun lead gave up the increase, but consolidated near the 20-day moving average. There is no obvious downward trend so far. As of Friday, Lun lead was reported at US $1705 / ton. In the macro data next week, the monthly rate of Pi in the United States in March, the number of initial claims for unemployment benefits in the week from April to April 4 (10,000), the initial value of the consumer confidence index of the University of Michigan in April, and the monthly rate of CPI after the March quarterly survey in the United States. Focus on the number of unemployment benefits next week, Lun lead fundamentals have no bright spot, the structure to maintain a flat C structure, short-term lead trend is more dependent on the macro mood in the general environment, from the epidemic prevention and control point of view, the number of patients in Europe and the United States is still on the rise, but overseas prevention and control efforts are strengthening, transactions waiting for the inflection point of the epidemic to appear or more clear. Lun lead will be between US $1675 and US $1745 per ton.

Shanghai lead continued to be strong this week, the low 10-day moving average has a strong support; At the beginning of the week, Shanghai lead continued the upward trend of last week, closing at two Lianyang, the high level reached 13975 yuan / ton, and then the high level was once again pessimistic due to market sentiment, coupled with the fact that the domestic recycled lead was put into production one after another, the overall market trend was weak, the short accelerated entry, Shanghai lead once gave up the rise, the low level reached 13520 yuan / ton, and in the middle of the week, crude oil prices skyrocketed, non-ferrous metals moved up as a whole, Shanghai lead low rose, and the 10-day moving average below was supported. The final offer is 13810 yuan / ton. The domestic inflation data will be released next week, and although the social inventory of lead ingots will continue to decline this week, with the resumption of production of recycled lead and the weakening of downstream consumption, the market will begin to be pessimistic about the price of lead in the future, but the short-term low inventory will support a strong rise in spot water. Therefore, the divergence between stocks will intensify next week, and lead in Shanghai may be 13650-14000 yuan / ton.

The spot transaction price this week is 1405014300 yuan / ton. Lead prices continue to pick up this week, primary lead refinery shipments positive, quoted water slightly decreased, as of Friday, bulk orders mainstream market to SMM1# lead average price rose 50-150 yuan / ton, while the trade market, due to the limited supply of warehouse orders, traders are also high price shipment, as of Friday, quoted to the 2004 contract up to 100-150 yuan / ton; Recycled lead enterprises began to return to work this week, recycled supply gradually increased, the mainstream SMM1# lead average price flat water quotation factory, consumer end, this week battery enterprises mostly bargain on demand before the Qingming Festival holiday, the market as a whole can be traded.

 

Zinc: this week, the strong shock of zinc is mainly due to its high flushing and falling back. Affected by the decline in crude oil at the beginning of the week, Lun zinc opened as low as 1873.5 US dollars / ton, and the price fluctuated downwards, once falling to 1838 US dollars / ton. In the later stage, the price stabilized to record a V-shaped reversal, and the lower 5 and 10 EMA formed a gold fork to support the price. Buoyed by Trump's proposal to launch a $2,000bn infrastructure plan, Zinc swung higher on Tuesday, breaking the $1900 / tonne mark and continuing to rise to $1925 a tonne, but above was suppressed by the 20-day moving average, giving up some of the price gains. The overseas epidemic continues to expand, stimulus policies are difficult to boost short-term consumption, Lun Zinc later weakened again, but overseas mines once again stopped production news, and was supported by the 10-day moving average, prices rebounded. On Thursday, the Asian session was boosted by a surge in crude oil, pushing the price of zinc to $1893, technically suppressed by the 20-day moving average above and supported by the 5-day moving average below. Prices continued to rise on Friday, prices fluctuated upward and hit $1900 a tonne again.

This week Shanghai zinc shock uplift, the price center of gravity rises further. At the beginning of the week, the price of zinc was weak and volatile, and the price once broke through the 15000 yuan integer mark, but below it was supported by the adhesion of the 5-and 10-day moving average, and the price stopped falling but was still running weakly. Prices opened slightly higher on Tuesday, but the price fluctuated mainly in the first line of 15170 yuan / ton. On Wednesday, boosted by domestic car consumption, reduced subsidies for the purchase of new energy vehicles and a two-year extension of tax exemption, prices briefly broke through, but above were suppressed by the 20 moving average, while the Nikkei index plummeted after midday, and stock markets in many countries fell, giving up price gains. After opening low on Thursday, prices still inertia fell, falling below the 15000 yuan / ton integer mark again, but then got a lot of buying intervention, at the same time, driven by the surge in crude oil led to metal matrix rebound, Shanghai zinc main contract broke through the moving average suppression, continue to increase positions up to 15520 yuan / ton. Domestic inventories fell by more than 10, 000 tons on Friday, and domestic zinc ingot stocks have fallen for three weeks in a row. At the same time, the market is expected to introduce more policies to support financial stability and support enterprise production, boosting prices. After the main force contract stood at the 20-day moving average, and continued to shock upward, as of Friday, Shanghai zinc main force contract closed at 15560 yuan / ton, an increase of 1.14 per cent during the week.

This week, the domestic contract for 04 in Shanghai market changed from about 30-40 to 70-80 yuan / ton, and Shuangyan and Chihong changed from 50-70 yuan / ton to 80-100 yuan / ton for 04 contract. Zinc prices rebounded slightly, some smelters still cherish the sale, the overall market supply remained relatively loose. At the beginning of the week, the market still had strong expectations for the subsequent tax reduction, and the market buying was greatly increased. The market quotation rose rapidly from 30-40 yuan / ton to 70-80 yuan / ton. The rising water and the disk simultaneously pushed up the interest in buying goods downstream, the actual participation in consumption gradually decreased, and the trading contribution between traders mainly concluded in the first half of the week. In the second half of the week, due to the news that there is still no real hammer landing, it is more difficult for traders to raise water. In addition, as the holiday approaches, traders are willing to sell and increase their market quotation slightly to 60-70 yuan / ton. The market is not strong enough, and the downstream stock is relatively cautious. Overall, deals this week were slightly less than last week.

The price difference between Ningbo and Shanghai has widened from 50 yuan / ton to 60 yuan / ton this week, and the price difference between Ningbo and Shanghai has widened from 50 yuan / ton to 60 yuan / ton this week, the price difference between Ningbo and Shanghai has widened from 50 yuan / ton to 60 yuan / ton this week. This week, due to market expectations of tax reform events, Ningbo market rose with the Shanghai market, but on the whole, downstream due to the bleak overlay of external demand frustrated by domestic demand, the willingness to buy is not very strong. In the first half of the week, the supply of goods in the market was relatively abundant, and the market was willing to receive goods. This week, some new sources of goods, such as Baohui and Tiefeng, were added, and market transactions were concentrated in low-price badges, western mines, and low-price Huize brands. In the second half of the week, the circulation of goods in the market was tight, and in the second half of the week, the market returned to the market, and the willingness to buy downstream weakened rapidly. The order situation of enterprises downstream of Ningbo market is poor this week, and the market turnover is worse than that of last week.

This week, Guangdong market zinc quotation focused on Shanghai zinc 2005 contract discount 60 yuan / ton to rising water 60 yuan / ton, Guangdong market compared with Shanghai stock market discount 80 yuan / ton is flat compared with last Friday. This week, the spot rising water quotation in the Guangdong market showed an inverted V trend. Due to the fact that the futures contract in the current month was higher than the second month contract and continued to expand, and under the influence of the domestic tax reduction expectations, the holders relatively raised the price to ship the goods, and some of the holders controlled the shipments. In addition to the general volume of goods delivered in the market, the source of negotiable goods in the market once decreased, and traders also purchased goods at low prices. Under the improvement of market trading, the quotation continued to rise. Kirin, Mengzi, Huize, Tiefeng and other quotations changed from 40-60 yuan / ton to 40-60 yuan / ton for the 05 contract at the beginning of the week. In the later stage, the news of the tax reduction has not yet been confirmed. The overall profit of the source of goods purchased at a low price in the early stage is better, the willingness to ship every rise in water has increased, and the supply of goods in the market has increased compared with the previous period. However, in the downstream, when orders have weakened and zinc prices have risen, procurement demand has dropped, it is difficult to support market transaction prices, traders have also pressed prices to receive goods, and spot prices have begun to rise rapidly. At one point on Friday, the market transaction price fell to around 10 yuan for the 05 contract. Overall, downstream demand fell this week, alloy factory orders weakened, the short-term status quo will remain.

This week Tianjin Zinc discount to Shanghai zinc 2004 contract discount 30 to 100 yuan / ton, Tianjin stock market than Shanghai stock market rose from 50 yuan / ton last week to 30 yuan / ton, Tianjin rose to 30 yuan / ton this week. At the beginning of this week, due to the market expected tax reduction and fee reduction policy, Tianjin traders began to receive goods, hoarding and gambling tax reform, from discount to rising water, however, high underwater lower reaches of Zhou Gaosheng was not good at the beginning of the week, and the high level of zinc in Shanghai in the middle of the week. And due to the smelter at the beginning of the month, Tianjin spot market circulation is tight, rising water also continues to rise, downstream due to the gradual resumption of the terminal just need to stock mainly, procurement increased; On Friday, Tianjin rising water continued to climb to 60 yuan / ton to 100 yuan / ton, downstream to maintain the need for procurement. Overall, this week's transactions are better than last week, and downstream construction has also recovered.

 

Tin: the overall electronic disk of Lunxi is in a state of being raised first and then suppressed this week. Early in the week, Lunxi swung all the way up to a high of $14685 a tonne during the week, followed by a rise in the dollar index and a fall under pressure from crude oil growth factors. As of 18: 15 on Friday, the latest price for Lunxi was $14205 a tonne. The week fell $75 / ton, or 0.53%, with a turnover of 1372 hands and a position of 17708 hands, down 70 hands. Zhou Neilun tin shows a small positive line, located below all EMA. In terms of indicators, the daily line level MACD index is better, but the rise of KDJ index is slowing down. At the weekly level, the MACD index is still weak, and the KDJ index is about to bond into a golden fork.

This week, the main tin 2006 contract in Shanghai followed the outer plate as a whole, and the short force continued to leave the market at the beginning of the week, pushing up the trend of tin market in Shanghai, and climbing to the high point of the week was also the 122780 yuan / ton near the drop point of the early short jump. Subsequently, the disk price reached the expected price of some personnel in the market, some of them pulled out of the warehouse, and the pressure of tin in Shanghai fell back. Short forces continued to reduce positions on Friday, Shanghai tin plate rose slightly, the overall center of gravity remained stable. Friday's closing price of 120580 yuan / ton, weekly level up 1180 yuan / ton, up 0.99%, trading volume of 225000 hands, positions of 34316 hands, down 6894 hands. This week, Shanghai tin closed at a small positive line, below all moving averages. In terms of indicators, the daily line level MACD and KDJ indicators are better, but the KDJ indicators show that the rising trend has slowed down. At the weekly level, the KDJ index forms a golden fork, and the MACD index is weak on the whole.

Shanghai tin spot prices followed the market trend this week, Shanghai tin spot prices were 123000-126500 yuan / ton on Friday, the average price rose 2500 yuan / ton from last Friday. Affected by the Shanghai tin market rally at the beginning of the week, although the spot rising range has narrowed, but the spot price has still followed the rise. Downstream enterprises due to the early tin prices plummeted when there has been a certain amount of stock, the recent rise in tin prices, only a small number of downstream enterprises just need to purchase, the purchase volume of traders during the week is also a relatively small state. The overall trading atmosphere in the Shanghai-tin spot market was weak this week. In terms of water discount, on Friday, the Shanghai tin 2006 contract set Yunxi rose 7000 yuan / ton, ordinary Yunzi 5000 yuan / ton, and small brand 4500 yuan / ton.

 

Nickel: the trend of Lunni is stronger than that of Shanghai Nickel this week, although it also continues the concussion pattern, but the center of gravity of Lunni has moved up compared with last week, on the one hand, due to the narrow gap in the early short jump, on the other hand, due to the tax reduction expectations of the domestic spot market, the long-month short force is greater than the outer plate, and the improvement of import price, the capital is setting to make the outer plate trend stronger. Lunni opened at $11390 a tonne this week, peaked as high as $11500, and soon rebounded back above $12200, driven by crude oil prices, which closed at $11240 at 19:10 on Friday. it was down $180 / tonne, or 1.49%, from last week's closing price, with weekly trading volume down 16261 hands to 24102 hands and weekly positions down 4142 hands to 226000 hands. At present, Lunni is still under pressure above 11500, and the support strength of $11000 / ton may be explored again in the future.

This week, the center of gravity of the Shanghai Nickel 2006 contract was arranged by a horizontal concussion near the 5 / 10 moving average of 92500 yuan / ton, opening at 92980 yuan / ton at the beginning of the week and rising to 94100 yuan / ton in the middle of the week. However, as the number of confirmed cases of the epidemic in the United States surged and the unemployment rate rose, the basic metals fell sharply on Thursday. Shanghai nickel fell below 90, 000 yuan / ton, once as low as 89550 yuan / ton, but reversed the decline after being boosted by stronger oil prices on the same day. All the way up to around 93000 yuan / ton, and finally closed at 92640 yuan / ton, a weekly drop of 800yuan / ton, a drop of 0.86%; Weekly trading volume decreased by 144000 hands to 2.404 million hands, positions decreased by 8185 hands to 79216 hands. Near the Qingming Festival holiday, trading volume reduced, the early jump vacancy position 94000 yuan / ton first-line pressure is strong, long and short sides repeated game, Shanghai nickel as a whole showed an interval concussion trend, it is expected that the nickel price target is still to effectively make up for the above gap, based on 90, 000 integer gate, and then rush up the gap position of 94000 yuan.

Spot market, electrolytic nickel spot held stable at 90000-95000 yuan / ton this week, due to market expectations of tax reduction, traders actively receive goods for low-price Russian nickel, Russian nickel to Shanghai nickel 05 contract gradually from discount to rising; after the nickel price plunged on Thursday, there was a wave of volume procurement downstream, and the overall transaction situation this week was better than that of last week. As for Jinchuan nickel, due to some relief on the supply side, the Shanghai nickel 2005 contract has dropped from 1800-2000 / ton to about 1500-1700 yuan / ton. Downstream manufacturers need to stock just before the festival, and the transaction situation has also warmed up. As the import window is closed again, Russian nickel is expected to rise further, and it is expected that the contract between Russian nickel and Shanghai nickel will rise to 200 yuan / ton next week, while Jinchuan nickel is expected to remain in the range of 1500-1700 yuan / ton under the situation of weak and stable nickel price.

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