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[minutes of SMM Morning meeting] Nickel spot high only sporadic transactions stainless steel spot rose slightly driven by market sentiment
Jul 9,2020 09:51CST
The content below was translated by Tencent automatically for reference.

Nickel price judgment: there is less fundamental correlation among the leading factors of the recent market; The fundamentals of nickel are weak but mostly known news, such as the increase in the supply of nickel pig iron and the pressure on stainless steel market shipments in the off-season, etc., as a whole, the short-term contradiction is not obvious; in the macro aspect, some overseas data are bright, on the major link, we can see that overseas is still following the logic of consumer recovery, coupled with the policy support of enterprises in various countries have a certain effect, the relative preference of the macro side; under the comprehensive effect, the performance range of nickel price fluctuates. After breaking upward last Friday, Shanghai Nickel continued to strengthen and explore new highs. Although high positions were under pressure yesterday, long positions did not reduce much, so Shanghai Nickel continued to fluctuate at high levels. At present, the technical indicators are still more, and it is expected to continue to explore after consolidation. Today, we will pay attention to whether Shanghai Nickel can effectively break through the 107500 yuan / ton pressure level on the Boll line again.

1. July 8th SMM1 Electrolytic Nickel quotation 105900 RMB107100 / ton. Nickel morning market around 106700 yuan / ton first-line shock, the morning market returned to yesterday's operating range, more and more higher in the afternoon, so the lower reaches continue to be afraid of high wait-and-see, most traders respond that the transaction is not as good as yesterday. The price of rising water is also stable than yesterday, Russo Nickel to Shanghai Nickel 2008 contract sticker 500,450 yuan / ton, the trading volume is similar to yesterday's morning market, only sporadic small orders reached a deal. Jinchuan Nickel to Shanghai Nickel 2008 contract reported a rise of about 600 yuan / ton, the price of the holder is more consistent, there is almost no quotation of low-priced goods in the market, the transaction is limited to the transfer between traders, activity deviation. The ex-factory price of Jinchuan was 107000 yuan / ton, unchanged for three consecutive trading days. The price of nickel beans has not been further lowered, and the discount is still about 1500 yuan / ton.

2. On July 8th, the ex-factory price of SMM high nickel pig iron is 960 won 965 yuan per nickel point (including factory tax), which is the same as the average price of the previous trading day. Nickel futures maintain a rising market, Nickel Iron has no rising mood for the time being, the market trend is stable, trading is light. The production and transportation of high nickel pig iron have not been significantly affected by the recent heavy rain all over the country.

3. On July 8, the average coiling price of 304 cold rolling in Wuxi area was slightly increased by 50 yuan / ton, and the average coiling price of 304 cold rolling was 13450 million yuan / ton, while that of 304 hot rolling was leveled today, with a range of 12900Muth13000 yuan / ton. At present, the market turnover is general, the price increase is less related to the improvement of demand transaction, mainly due to the rise in nickel price and stainless steel futures contract price, the spot sentiment is affected, slightly pull up to test the market. Today, SHFE 10: 30 SS2009 contract price 13435 yuan / ton, Wuxi stainless steel spot water 185mur385 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)

nickel sulfate

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