Macroscopically, the total number of confirmed cases of the global epidemic has exceeded 2.64 million; Italy and France have reported the highest number of new confirmed cases in four days, and Spain has extended the blockade. With the surge in the number of foreign workers infected, Singapore's new crown has confirmed more than 10,000 cases. The European Union will hold a summit of leaders on Thursday. The European Commission is said to be considering a 2 trillion euro economic recovery plan to try to bridge the differences in recent weeks, but in the absence of specific road map guidance, the video summit may once again fail to bear fruit. The US Treasury Secretary expects that most of the US economy will reopen by the end of August, and New York plans to step up efforts to track the source of infection in preparation for the resumption of opening up. [Lido] according to data disclosed by the Chinese passenger Association, the average daily retail sales in the first three weeks of April was 31100 vehicles, down 7% from the same period last year, compared with 47% in the first three weeks of March, and the recovery in April was obvious. [Lido]
Nickel spot: April 22 SMM1 electrolytic nickel quotation 97200-99300 yuan / ton, due to the overnight decline in American oil, pessimism re-heating up, Shanghai nickel led the decline in basic metals, soon after the opening of the dive, early market nickel prices in the morning market more than 97000-98000 yuan / ton. In the spot market, Russian nickel to Shanghai nickel 2006 contract reported 50 yuan / ton to Pingshui, 100 yuan / ton narrower than yesterday's discount range, the lower reaches of the morning market can receive goods, but traders are difficult to make up for the supply of goods at low prices. Jinchuan nickel Shanghai nickel 2006 contract rose 1200-1300 yuan / ton, the morning market inquiry is active, superimposed Jinchuan company Shanghai out of stock, so traders are more willing to rise. And Jinchuan nickel prices fell 100000 again also stimulated the downstream replenishment, the market transaction has also been significantly improved. Nickel beans to Shanghai Nickel 2006 contract reported 700 yuan / ton, the demand is not good so that the discount is slightly lower than the previous day. [neutral]
Nickel pig iron: on April 22, the price of SMM high nickel pig iron was quoted at 930-950 yuan / nickel point (including ex-factory tax), up 10 yuan / nickel point from the previous trading day. The nickel price has dropped sharply, the high nickel pig iron has not appeared to follow the falling state for the time being, the market quotation is still relatively strong, the inquiry price of the mainstream steel factory is still 960-970 yuan / nickel point (including the factory tax), if the nickel price continues to fall, the high nickel pig iron is gradually smaller than the pure nickel discount, the Indonesian iron price advantage is obvious, or suppresses the domestic nickel iron price to decline slightly. [neutral]
A stainless steel factory in East China this week high nickel pig iron inquiry price 970 yuan / nickel point (to the factory including tax), according to the market has thousands of tons of transactions. [neutral]
Stainless steel: on April 22, the cold and hot rolling price of 304 stainless steel in Wuxi area is weak and stable, 304 cold rolling quotation range 13100-13300 yuan / ton, 304 hot rolling quoted at 12800-13000 yuan / ton. Trading this week was weaker than last week, and stainless steel plate prices fell on Tuesday, causing some businesses to cut prices slightly. Some traders said that transaction weakness, on the one hand, due to the early downstream replenishment demand released after the current procurement enthusiasm decline; on the other hand, stainless steel prices have now risen to recent highs, some traders hold a wait-and-see attitude. For 10:30 SHFE SS2006 contract price 12990 yuan / ton, Wuxi stainless steel spot water 280-480 yuan / ton. (spot trimming = rough edges + 170 yuan / ton) [bearish]
On the inventory side, Lunni stocks on 22 April were 230358 tons, an increase of 342tons over 21 April.
Nickel price judgment: Lunni fell for two consecutive days, yesterday recorded a long shadow line in the negative column, but the center of gravity of the K column is still between the 40-day / 60-day moving average. Lunni, which opened at $11910 a tonne today, is focused on whether it will continue to be effectively supported by the 10 / 40 moving average below.
