SMM, 6 May:

The worker protests at the Weda Bay project in Indonesia during the holiday period have aroused market concern, but at present it does not seem to have an impact on the continued operation of the plant and nickel supply, while the positive stimulus expected from the macro perspective has not appeared, the negative news has continued to put pressure on major metals, and the development of the epidemic and concerns about the pressure on crude oil prices have not further improved. Lunni continued to fall worse than expected during the holiday period. However, on the fundamentals, the high scheduling of stainless steel plants can form a basic support, allowing nickel prices to avoid giving back all increases, and prices are expected to continue to fluctuate and consolidate after the festival. Lunni $11600-12000 / ton; Shanghai nickel 96000-101000 yuan / ton. After entering May, the impact of overseas epidemic fermentation on domestic manufacturers will be more obviously transmitted, although for China, nickel and the main consumer end of stainless steel dependence on export is not high, but will also be affected one after another, it seems that stainless steel plants can relatively ensure a strong start, pay attention to the maintenance of downstream consumption. Lunni opened at $11815 / tonne yesterday, with a 40-day moving average of $11780 / tonne supported by shocks and a small drop in pressure on the 20-day moving average of $11960 / tonne, with a narrow range of fluctuations around the $11920 / tonne position. In the afternoon, Lunni fell sharply, giving back all the gains before noon to the US $11800 / ton level. After repeatedly probing the position without success, Lunni began to recover, rising through the daily moving average and exploring the 5-day moving average of US $12050 / tonnage on the 20th. At the end of the day, the pressure fell slightly, and finally closed at US $12030 / ton. Compared with the settlement price of the previous trading day, it rose by $230 / ton, up 1.95%, and the trading volume increased by 1273 hands to 3677 hands. Positions were reduced by 1430 to 222000. Lunni closed in a small balcony yesterday, following the suspension of Shanghai Nickel Holiday for the first time, K column broke through the 20-day moving average, the overall war in the 5 / 40-day moving average range, Lunni opened at $12040 / ton today, follow-up attention to whether Lunni can continue to operate above the $12000 / ton mark.

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