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SMM May 18th Shanghai Nickel spot Daily Review
May 18,2020 17:45CST
The content below was translated by Tencent automatically for reference.

SMM, May 18:

Today, the price of electrolytic nickel in SMM1 is 99200mur100700 yuan / ton, which is 400 yuan / ton lower than that of yesterday. Shanghai Nickel fell sharply last Friday night and stabilized above the 60-day moving average today. During the day, Shanghai Nickel fluctuated around 99300 yuan / ton in the middle of the Bollinger line, and gradually rose in the late afternoon. In the spot market, today, most traders have turned to quoted prices for Shanghai Nickel 2007 contracts, and they are more willing to raise prices after the turn of the month. Russo Nickel to Shanghai Nickel 2007 contracts are mostly quoted in 50 to Pingshui, and there are a small number of non-deliverable new Russo Nickel newspaper stickers on the market. Today's transaction is mixed, as nickel prices fall below 100,000. and pure nickel relative to nickel pig iron discount, it is reported that today's steel mills active inquiry, individual trade has a large deal; but some traders said that due to Russian nickel discount narrowed, downstream demand is weak, trading is light. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1200mur1300 yuan / ton, transaction activity is less than Russo Nickel. Today's ex-factory price is 100300 yuan / ton, Shanghai and Jinchang are only a small number of shipments, the current inventory of traders is relatively small, there is still a demand for replenishment, it is expected that the rising water will be strong in the future. In terms of nickel beans, the contract of Shanghai Nickel 2007 is about 800yuan / ton. it is reported that recently, imported nickel beans have been declared to enter the country. In addition, the import window of the market opened briefly this morning, but foreign traders prefer forward bill of lading goods. It is reported that there is a small amount of Russian nickel locked in the market, and it is expected that the import of pure nickel will gradually increase after late May and June.

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