SMM spot Metal spot Trading Weekly Review (2020.5.25muri 2020.5.29)

SMM, May 20:

This week, the basic metals gradually came out of the strong trend under the warm macro mood. During the week, SMMI rose 0.82%, aluminum led the week, Lun Aluminum 3 rose 2.26%, Shanghai aluminum bulls showed a strong performance, up 3.32%, spot stocks rose around 100 yuan, high trading performance was not as good as expected aluminum, and SMMI.Al rose 2.36%. Lead is strong inside and weak outside, and Shanghai lead is also won by bulls and high shock, but the spot under the impact of the resumption of recycled lead production, rising water fell, the performance is far less than expected lead, SMMI.Pb rose 0.88%. Copper high shock, Lunzhong target of 5400 US dollars, Shanghai copper target effectively break through 44000 yuan / ton, spot rising water high hovering, the end of the month is approaching, rising water is difficult to push up and down, SMMI.Cuweek rose 0.81%. Shanghai tin remains strong, with a target of 135000 yuan / ton, a weekly increase of about 3%, but the spot is difficult to keep up with the fear of high sentiment, SMMI. SN week rose only 0.36%. Nickel and zinc can not hide the decline, Shanghai zinc Liulianyin once fell below the Wanliuyin mark, only after short positions closed out of the low, spot rising water fell day by day, SMMI.Zn fell 0.3% a week. Shanghai nickel hovered at the 100000 yuan mark, bullish forces obviously withdrew, spot consumption was weak and growing, Russian nickel discount expanded, consumption was weak, and SMMI.Ni fell 0.15% per week. In June next week, the two sessions in China have just concluded, and all industries around the country will restart the economy as the starting point. The positive trend of June sustainability of loose monetary policy and downstream consumption is still the main factor guiding the market next week. However, we should be on guard against the impact of repressive forces and negative emotions brought about by tensions between China and the United States, but most basic metals still have a chance to break through their short-term goals.

Copper: Lun Copper as a whole is in a concussive pattern this week, with its center of gravity fluctuating around 5320 US dollars / ton. During the week, global risk sentiment further warmed up, good news about the research and development of new crown testing technology and new crown vaccine came out one after another, and the blockade measures of various countries and regions were further relaxed. In addition, the European Commission announced an economic revitalization plan of 750 billion euros this week to support economies hit hard by the epidemic, strongly supporting the strong operation of European capital markets. Judging from a series of economic data released so far, the global economy is in the process of a slow recovery, and investors' optimistic expectations have been boosted, providing momentum for copper prices. However, the issue of Sino-US relations continues to ferment, and the legislative proposal for China's Hong Kong version of the National Security Law has aroused protests in many countries in Europe and the United States. Global investors are worried that the pace of economic recovery may be dragged down, market risk appetite will be restrained to a certain extent, and copper prices will be suppressed. Fundamentals, Tektronix Resources said this week that its Antamina copper mine has resumed operations and is expected to reach full production in the third quarter, and worries about long-term global copper oversupply are also putting pressure on copper prices. LME closed on Monday for a bank holiday and opened at $5337.5 a tonne on Tuesday. Copper prices rose to a weekly high of $5404.5 a tonne, driven by good news about oil prices and vaccines. However, the momentum of the rise was insufficient, and Lun Copper fell below the 5400 mark, shaking down the lowest point of the week, $5246 / ton. Macro sentiment picked up over the weekend, and copper prices also rebounded. At present, Lun Copper closed at US $5343 / ton, a weekly increase of 0.72%. This week, Lun Copper's position decreased by 3644 lots to 271000 lots, while trading volume decreased by 32635 lots to more than 44000 lots. At present, Lun copper negative, KDJ opening slightly downward expansion, but there is still a 5-day and 10-day moving average support. We will continue to pay close attention to the economic restart of various countries and the issue of Sino-US relations. Next week, Lun Copper still aims to effectively break through the US $5400 / ton mark.

The center of gravity of copper in Shanghai this week rose slightly from last week, fluctuating around 43700 US dollars per ton. Domestically, the "two sessions" have given a series of guidance to China's economic development process, such as increasing investment in new infrastructure, supporting financial institutions to issue special financial bonds, and so on, to guide market expectations for continuous improvement. During the week, the central bank launched the open market reverse repurchase operation again after nearly two months, alleviating the tight situation of funds, sending a signal of continued easing to the market and stabilizing market confidence. Abroad, there are signs of economic restart in various countries, economic stimulus policies are also increasing, the European Union has proposed a 750 billion euro recovery fund plan, and the Bank of Japan said it is ready for further relaxation measures. Helped by the global economic recovery, investors' risk appetite has risen, helping copper prices to rise. However, the issue of Sino-US relations has become the biggest risk point in the eyes of investors, and domestic investors have been cautious, limiting the rise in copper prices to some extent. The exchange announced this week that copper inventory has decreased by more than 30,000 tons this week, and the support of downstream consumption is still one of the main factors for the resistance and support of Shanghai copper. At the beginning of the week, Shanghai copper opened at 43330 yuan / ton. driven by macro sentiment, copper prices fluctuated up to the week's highest point of 44110 yuan / ton, but the bulls above 44000 yuan were mainly safe by falling bags, so it was difficult for Shanghai copper to hold the 44000 yuan mark and slipped to the lowest point of the week, 43210 yuan / ton. Over the weekend, copper in Shanghai rose from a low to close at 43940 yuan / ton, a weekly increase of 680 yuan / ton, or 1.57%. This week, the main position of copper in Shanghai decreased by 5619 hands to 103000 hands, mainly for short positions; trading volume decreased by more than 50, 000 lots to 457000 hands, showing characteristics at the end of the month. At present, the copper in Shanghai is positive, and the opening of the KDJ curve is reduced. Below there are 5-day and 10-day moving averages adhering to the bottom, from a technical point of view, good copper prices. Continue to pay attention to the macro news and Sino-US relations to see whether Shanghai Copper can effectively break through the 44000 yuan / ton mark.

On the spot side, there is a stalemate at the high level of Sheng Tieshui this week. During the week, the price-raising sentiment of the consignors was strong, mainly because the inventory level in Shanghai was low, and the inventory decline continued, the inflow of imported copper was not as expected, and the seller's offer was strong. As for the buyer, due to the demand for bill transactions in that month, the transaction was OK at the beginning of the week. Spot quotation for the current month's contract was pushed up from 180 million yuan / ton to 220 yuan / ton. However, towards the end of the month, the tide of replacement tickets gradually faded, the buyer's willingness to receive goods at the high level was weakened, and most of them preferred the source of goods at low prices. Most of the market transactions were based on downstream needs, and traders were cautious to buy. On Friday, due to the end of the month, the price of the holder relaxed slightly, but the overall price performance was still stable. The spot report was revised back to 160 million 180 yuan / ton. On the whole, this week's spot market supply and demand both sides showed a seesaw stalemate, the spot rise and paste water week first up and then down, to maintain a stable high position.

Aluminum: the March contract price of Lun Aluminum fluctuated upward this week, and the price center of gravity rose day after day. It recorded three consecutive days in the week. On Friday, it reached a daily high of 1542 US dollars / ton. As the top was blocked at the 60-day moving average, the high level fell slightly. As of 17:30 on Friday, the weekly K line of Fenlun Aluminum closed at 1537.5 US dollars / ton, up 34 US dollars / ton, or 2.26%. It recovered the decline in the past three weeks, and the weekly trading volume decreased 27843 hands to 41801 hands. The position increased by 9777 hands to 866000 hands, closed at the Xiaoyang line, the center of gravity was above the 5 / 10 moving average, the weekly KDJ line was obviously upward, and the MACD green line was shortened. With the recent economic restart in Europe and the United States, the market risk aversion has eased, the US index has fallen, and the center of gravity of Lun Aluminum has begun to pick up. It is expected that next week it will continue to stand firm below the moving average and test the size of the space above. Next week, we will focus on the dollar index, the PMI situation in Europe and the United States, and changes in global trading sentiment in the context of the epidemic.

The aluminum price of the main 2007 contract rose day by day this week, setting new highs in a row. By Friday, the aluminum price in the main contract had gone out of the six-lianyang situation. The high of 13260 yuan / ton refreshed the new high since March 9. The center of gravity of the weekly K line jumped above the 5 / 10 moving average. The upper part began to test the 40-day moving average resistance. The shadow line pierced the middle track of the Brin channel. This week, it rose a total of 425 yuan / ton, or 3.32%, and the trading volume decreased by 132000 to 513000 hands. The position decreased by 6242 hands to 151000 hands. This week, SMM statistics electrolytic aluminum inventory weekly decline of more than 80, 000 tons, destorming speed is still strong, in the case of consumption, spot circulation is tight, short-term aluminum price trend is strong, is expected to maintain a strong shock next week. Next week, we will focus on the changes in price spreads in recent months and the increase or decrease of long short positions in exchanges.

The spot transaction is OK this week, but the main heat is contributed by the big players in the market, and the downstream is not willing to receive the goods this week. The spot price in Shanghai and Wuxi is between 13250 and 13460 yuan / ton, while the price of rising water is concentrated in 80mur120 yuan / ton, and the average weekly price is 18 yuan / ton higher than last week. The spot price in Hangzhou is between 13,270 and 13480 yuan / ton, and the spot transaction price in Guangdong is between 13440 and 13580 yuan / ton. This week, a large family carried out a daily procurement plan, and the volume of goods received increased greatly near the weekend. Relatively speaking, the purchase volume in East China was more than that in South China, and the price gap between Guangdong and Shanghai also narrowed to less than 150 yuan per ton. This week, the shippers of East China are relatively positive and relatively high-priced, small and medium-sized traders normally receive and hand over long orders or change hands, and the trading between the two sides shows a slight stalemate. Downstream goods are mainly on demand, due to high aluminum prices, fear of heights is obvious, close to Friday also did not show an active stock state.

Lead: the trend of Shanghai lead is weaker than that of Shanghai lead this week. At the beginning of the week, driven by Shanghai lead, Lun lead was based on US $1645 and reached a high of US $1687.5 / tonne, but affected by the deteriorating situation in China and the United States and the weakening of domestic futures, Lun lead shook downwards, closed three consecutive shadows, showing a step-by-step downward trend, reaching a low of US $1621.5 / tonne, losing all moving averages. As of Friday, Lun lead was reported at US $1627 / ton, down 1.03% per week. At present, macroscopically, it is important to pay attention to the progress of the situation in China and the United States, as well as the fermentation of the epidemic situation overseas. judging from the current signs, the short-term macro risk is relatively high, and it is necessary to carefully continue the downside risk. Next week, important data in the United States will be concentrated. Lun lead may be in the range of US $1600 /

Shanghai lead rushed high and fell back, and the high of 14500 yuan formed a strong pressure. At the beginning of the week, the low level of Shanghai lead pulled up rapidly, the inflow of long funds accelerated, and Shanghai lead effectively broke through the previous platform. in the next few days, Shanghai lead continued to fluctuate, reaching a high of 14495 yuan / ton, but the high position led to the departure of bullish positions, and the high level of Shanghai lead gave up the increase. It was finally reported at 14165 yuan / ton. On the fundamentals of Shanghai lead, as the current inventory base is still low, the position in 07 contract is high, and the closing position in 07 contract may accelerate after stepping into June, and the price difference between contracts will further widen. In terms of supply, in June, the overhaul of Chihong and other refineries will affect the release of primary lead. Although there is also an increase in the amount of recycled lead, considering that the current market is in the context of low inventory, there are ten thousand four gates at the bottom of Shanghai lead, although the 5-day moving average is direct pressure above. However, the bulls' energy has not yet dissipated, and it may fluctuate widely in the range of 13950mi 14400 yuan / ton next week.

This week's spot operation at 14300 Mel 14600 yuan / ton, the spot market turnover has deteriorated, the finished product inventory of primary lead enterprises has accumulated, and the market bulk quotation is basically discounted to SMM1# lead at a discount of 150Me 50 yuan / ton. In the trade market, lead imports have arrived in Hong Kong one after another this week, the market supply flow has increased, and the price of ordinary brand lead has declined to 100,200 yuan / ton for the 2006 contract. In the recycled lead market, lead prices remain high, and corporate profits have been revised up. As of Friday, the mainstream quotations of recycled refined lead have discounted the average price of SMM1# lead to 200 million yuan / ton, and the ex-factory price in some areas has been quoted at a discount of 350 yuan / ton.

Zinc: on Monday, the LME market was closed for the spring bank holiday. On Tuesday, Lun Zinc showed a fluctuating trend, with a main operating range of 1960, 1990 US dollars / ton. Zinc prices fell sharply on Wednesday, falling as low as $1909.5 / ton. technically, zinc prices were supported by the 40-day and 60-day moving average, recovering some of the decline. fundamentally, Teck Resources announced that its antamina plans to resume production at 80% of full capacity, and is expected to gradually increase to full capacity in the third quarter., Gold Reasource will restart its Oaxaca mine in Mexico on the 25th of this month, and the current overseas mines are beginning to resume production. The mine story came to an end, and dragged down by the sharp fall in crude oil, Lun Zinc fell again on Thursday and approached the US $1900 / ton line, but it was supported by the 60-day moving average below, short positions left, and intraday zinc prices recorded a V-shaped reversal. On Friday, driven by domestic prices, the rebound continued, recovering more than half of the decline at the beginning of the week, but the weekly decline was still 1.21%.

This week, Shanghai zinc hit a low and rebounded, showing a V-shaped trend. Macroscopically, the domestic stimulus policy was not as expected. At the weekend, the United States announced sanctions against 33 Chinese companies and institutions, and Sino-US relations deteriorated again; fundamentally, with the rebound in prices, domestic mine construction resumed and the willingness to ship increased. The shortage of mine supply eased slightly, and zinc prices continued a volatile downward trend at the beginning of the week in the absence of a new story. With the news of the resumption of production in overseas mines, the pressure on mine supply is expected to ease. At the same time, affected by the sharp drop in crude oil, the price of zinc in Shanghai has increased and declined, and the main contract once fell below the integer mark of 16000 yuan / ton. In the second half of the week, with short sellers leaving the market, zinc prices fell and rebounded, ending six consecutive overcast. According to smm inventory data on Friday, the inventory of major domestic consumption sites decreased by 10,000 tons compared with last Friday, and the inventory in the Shanghai Free Trade area decreased by 8800 tons, indicating that domestic zinc consumption is still better. At the same time, while the spot is still in a state of high rising water, funds entered the market to pull up, zinc prices rebounded sharply, recovering all the decline at the beginning of the week. The main contract for Shanghai Zinc closed at 16400 yuan / ton, up 0.03% from the previous week.

In the Shanghai market this week, the domestic water price for 06 is about 120 RMB160 / ton, Shuangyan and Chihong are about 160 RMB200 / ton, and the imported SMC and YP are about 100 RMB140 / ton for June. At the end of the month, the long order among traders began a new cycle, while zinc prices continued to be high to restrain the enthusiasm of downstream buyers and maintain just the need for purchase. at the beginning of the week, the market quotation remained stable at about 160 Mel / ton, and the mid-week quotation was gradually reduced to 140 Mel / ton. 150 yuan / ton stabilized. With the fall in zinc prices, downstream procurement enthusiasm has been ignited, market trading activity has risen, but there is still bearish downstream, coupled with some traders taking the initiative to lower their quotations for shipment, the market quotation has been adjusted downwards again to about 120Mb / t, but zinc prices have rebounded low, downstream wait-and-see just need to purchase, downstream brand quotations appear downward adjustment, the overall transaction this week is not much the same as last week.

This week, Ningbo Zinc 2006 contract against Shanghai Zinc rose 120 yuan / ton-150 yuan / ton. This week, the price difference between Ningbo and Shanghai changed from 10 yuan / ton discount last Friday to near Pingshui. This week, due to the strong willingness of downstream enterprises to replenish the stock when they fell on Friday, the buying situation this week is very weak. In the first half of the week, the market turnover focused on 130 won 160 yuan / ton for the June contract, while Huize and Tiefeng quoted relatively high quotations, which were quoted at 160 yuan / ton for the June contract and 130 yuan / ton for the June contract. However, due to the very limited willingness of downstream enterprises to receive goods, in the second half of the week, the market quotation gradually decreased slightly, and the market turnover was around 120 Mel 150 yuan / ton for the June contract. However, the market does not pay for the downward quotation, mainly because the market demand is very bleak, on the one hand, foreign trade orders have not been restored, alloy enterprises have great inventory pressure on raw materials and finished products, and the willingness to buy is not strong; on the other hand, some smelters produce alloys and sell them at low prices, squeezing out the orders of some alloy enterprises. The turnover of Ningbo market this week is worse than that of last week.

The price of zinc in Guangdong market this week focused on a price increase of 90mur170 yuan / ton for the Shanghai zinc 2007 contract, and the discount on the Guangdong market compared with the Shanghai market was 20 yuan lower than last Friday. This week, the Guangdong market zinc ingots to the further decline in volume, coupled with the Shanghai zinc price spread in the current month / the next month, the driving force of the holder to raise the price, rising water quotation constantly raised, the spot quotation for 2007 contracts once reached 150wit 160 yuan, creating a new high after the year, downstream every low price replenishment, but limited by the lack of orders, the overall procurement demand increment is limited. As spot transaction prices rise, futures warehouse receipts continue to flow out, market liquidity increases, while individual brands demand generally, overall quotations are lower to pressure market transaction prices, and downstream demand for die-casting zinc alloy plants still has not significantly improved. On Friday, for shipments, the overall quotation was lowered, and traders tried to further depress the spot rising water, but in the case of a decline in market arrival, The willingness of the holder to continue to adjust the price is insufficient, and the market transaction shows a slight stalemate. On the whole, under the condition that the price difference between the two places is still large and the smelter is overhauled, there is a significant increase in the difficulty of arrival in the Guangdong market, which will continue to provide support for the spot rising water in the Guangdong market.

This week, Tianjin Zinc 2006 contract with Shanghai Zinc rose from 180 yuan / ton to around 380 yuan / ton, and the rising water in Tianjin stock market rose from 70 yuan / ton to 170 yuan / ton, returning to a high level. Zinc prices remain volatile at the beginning of this week, as refinery shipments have decreased after the recent price drop, the liquidity of mainstream brands in Tianjin market is poor, traders sell at a small price, and downstream delivery is slightly better than in the previous period; in the middle of the week, the decline in zinc prices has widened, downstream enterprises are obviously willing to receive goods, they just need to replenish the warehouse at low prices, and traders ship goods at a high price in the case of less goods. Enter Friday, zinc prices rebounded upward, as the early downstream enterprises have carried out a round of replenishment, the overall wait-and-see as the main, poor transactions, traders downgrade discount shipments. On the whole, this week, traders bid mainly shipments, the overall transaction is significantly warmer than last week. However, there may be a large number of goods arriving next week, and it may be difficult to maintain a high discount.

Tin: Lunxi electronic disk is generally maintained at a high level of horizontal finishing this week. At the beginning of the week, affected by the sharp decline in the center of gravity of tin in Shanghai last Friday, the center of gravity was generally maintained at around 15350 US dollars / ton, followed by a continuous decline in the dollar index and a slight rise in the center of gravity of tin in Shanghai. Lunxi electronic trading rose slightly. As of 1500 on Friday, the latest price of Lunxi is 15530 US dollars / ton. The weekly level rose by US $150 / ton, or 0.98%, with turnover of 584lots and positions of 16931 lots, an increase of 21 lots. This week, Lunxi is a Xiaoyang line, the upper part of the entity is under pressure on the 20-day moving average, and the lower shadow line is supported by the 5-day moving average. In terms of indicators, the daily line and weekly line level indicators show a relatively bullish trend, the daily line level K line to the upper track of the Bollinger belt, and the weekly level K line is still part of the distance from the middle track of the Bollinger belt.

This week, Shanghai tin 2007 contracts are generally affected by long-short forces dominated by long-short forces, showing a concussive upward trend. Affected by long-short forces at the beginning of the week, the Shanghai tin 2007 contract was generally maintained at around 133500 yuan / ton, and then the bulls continued to reduce their positions, and the tin center of gravity in Shanghai gradually increased. The Shanghai tin 2007 contract closed at 135560 yuan / ton on Friday. The weekly level rose 3850 yuan / ton, or 2.92%, with trading volume of 175000 lots and positions of 8817 lots, a decrease of 19370 hands. During the week, the Shanghai tin 2007 contract is positive, and the physical part is under pressure at the 60-day moving average. Due to the obvious impact of the reduction in positions during the week, the main tin contract in Shanghai this week changed from 2007 contracts to 2008 contracts. The main tin 2008 contract in Shanghai Stock Exchange was affected by a large increase in positions by bulls this week, showing an overall upward trend, closing at 134420 yuan / ton on Friday, up 3940 yuan / ton, or 3.02%, with a trading volume of 154000 lots and a position of 32601 lots, an increase of 10892 lots. In terms of indicators, Shanghai tin 2007 and 2008 contracts show a relatively high trend as a whole.

This week, the spot price of Shanghai tin was first suppressed and then increased by the fluctuation of tin disk in Shanghai. At the beginning of the week, due to the slight downward shift of the center of gravity of the market, spot prices fell somewhat, and some traders made purchases, but downstream enterprises maintained a weak pattern of buying. Subsequently, the disk price gradually rose, and the market spot price rose somewhat, but due to the extent of the increase in the disk price and the weak market demand, the overall increase in the spot price of Shanghai tin was relatively small. On Friday, spot quotations continued to move slightly up to 136500 won 138500 yuan / ton. Upstream merchants were relatively positive in shipments, but downstream buying interest remained weak. The overall transaction atmosphere in the Shanghai-tin spot market is weak this week. In terms of liter discount, on Friday, the price of Yunxi on the Shanghai tin 2007 contract suite rose 4500, 000 yuan / ton, ordinary Yunzi rose 3,500, 000 yuan / ton, and the small brand rose around 3000 yuan / ton.

Nickel: as Monday is a holiday for Lunni Bank, there are only four trading days for LME this week, which mainly revolves around a narrow range of shocks of US $12200 / ton. From a macro point of view, Sino-US relations have become increasingly tense, the number of first-time claims for unemployment benefits in the United States has dropped, and restrictions on the global epidemic have been relaxed. However, the above news is not a big disturbance to the nickel market, so that Lun Nickel week is weak shock, almost horizontal. It opened at US $12215 / ton at the beginning of the week, reaching as high as US $12415 / ton and as low as US $12090 / tonne. As of 17:55, it temporarily closed at US $12224 / tonne, down US $10 / tonne, or only 0.08%, from last week's settlement price. Lunni has temporarily gained support around $12200 after a sharp fall last week. If it is unable to break through the pressure of $12300 / ton, it may go down again to seek support. Lunni is expected to fluctuate between $12,000 and $12500 a tonne next week.

This week's Shanghai Nickel 2008 contract completed the main monthly change on Tuesday. After the nickel market plunged sharply last Friday, the Shanghai Nickel 2008 contract opened at 100460 yuan / ton this week and gradually stabilized, mainly around the 100, 000 mark to do narrow shock finishing. Shanghai Nickel continued to bear pressure in the first half of the week below the 20-day moving average of 101000 yuan / ton, running almost sideways. On Wednesday, Shanghai Nickel briefly broke through the daily average pressure level of 5-10-20 to 101480 yuan / ton, still falling under pressure, then fell below the 100, 000 mark, and fell to a weekly low of 99390 yuan / ton on Wednesday night trading. In the last two trading days of the week, Shanghai Nickel stabilized again above the 100000 mark, but was still unable to effectively break through the first line of 101000 yuan / ton, and finally closed at 100080 yuan / ton, the settlement price fell 130 yuan / ton, or 0.13%. Throughout May, the main force of Shanghai Nickel fluctuated in the platform position around 100,000, and the moving averages gradually moved closer to the region, and the long and short sides continued to compete for saws in this range. From the perspective of nickel fundamentals, weak spot consumption has been shown this week, and there is also a accumulation of weekly pure nickel inventories, which is expected to continue when imports of pure nickel in June will exceed May. In terms of nickel pig iron, although the current supply and demand is within a reasonable range, with the increase of overseas nickel mines and ferronickel shipments to China, supply pressure may gradually emerge in the future, and overall nickel fundamentals will gradually gain the upper hand. It is expected that if the short-term nickel price is unable to break through the upper pressure, it may pull back to look for support around the 40x60 moving average.

The current cycle of nickel almost sideways volatility, and the week SMM1 nickel spot quotation also held steady at 100,100Mel 101950 yuan / ton. After the month-change of the main force of nickel in the middle of the week, the spot is still quoted for the Shanghai Nickel 2007 contract. Spot trading atmosphere this week is significantly less than last week, Russo nickel discount gradually expanded. On Monday, Russo Nickel was still quoted between 100 yuan / ton and Pingshui for the 07 contract, but due to poor downstream demand, imports continued to enter the spot market, so that the holder had to continuously lower the quotation. It is reported that until this Friday, it is difficult to ship Russian nickel with 200 yuan / ton. It is expected that imported nickel plates will continue to enter the country next month, and the Russian nickel discount may continue to be maintained at 200 Mel 300 yuan / ton. Jinchuan Nickel is trading at 1,000,200 yuan / ton for 2007 contracts this week. Although downstream consumption has weakened, Jinchuan Nickel has held firm this week because manufacturers continue to have no goods in Shanghai and traders can only receive limited supplies in Gansu every day. In terms of nickel beans, the discount to Shanghai nickel has been expanded to 1100tel 1000 yuan / ton. On the one hand, due to the limited downstream demand, on the other hand, nearly a thousand tons of original nickel beans have been declared to enter China within the week, and it is expected that the discount will still be reduced.

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