SMM, July 10:

The performance of economic data in Europe and the United States continued to improve gradually, economic policy maintained a loose tone of liquidity, domestic A shares rose sharply, and the market continued to rise strongly in the bullish atmosphere. SMMI rose 2.83% in the week, zinc rose sharply during the week, Lun zinc rose 5.6%, and Shanghai zinc rose 4.8%. SMMI.Zn led a rise of 5.28% in the week. Lead in the risk of crowding rose continuously, Shanghai lead main station above 15000 yuan / ton, the month and the main price difference widened to 400 yuan / ton line, and the spot discount narrowed, SMMI.Pb rose 3.22% every week. Lun Copper broke through 6100 US dollars / ton and 6200 US dollars / ton in a row, easily standing above 6300 US dollars / ton. Shanghai copper rushed through the 50, 000 yuan round mark, and its strength is difficult to change. SMMI.Cu rose 2.8 per cent a week. Lun aluminum week rose 3.66%, Shanghai aluminum bullish leading station on the 14300 yuan / ton line, spot rally first depressed and then low price higher, SMMI.Al rose 1.94% weekly. Nickel rose first and then suppressed in the week. Lunni started to rise sharply at the beginning of the week. After breaking through the US $10,000 mark, it went straight to the US $13500 line and then returned to the Wansan pass concussion. The recent high of nearly 108000 yuan / ton of nickel in Shanghai showed profit-taking, but the operating platform of the range remained unchanged, and SMMI rose 0.72% a week. Zhou Neixi also rises first and then suppresses. After breaking through the 140000 mark, Shanghai tin climbed to a new high of 142800 yuan this year and suffered a bullish fall in the market for Ann to give up the increase, and due to the high market, the spot water has fallen sharply, and some small brands have already seen a discount of thousands of yuan, but it is also difficult to improve the buying interest, with the weekly decline of SMMI.Sn by 0.18%. Next week, there are still many economic data at home and abroad, which are still instructive to market sentiment. The base metals will face delivery on the 15th of next week. The change of the basis before and after the change of the month will directly affect the performance of each metal. The futures market also needs to be revised after a continuous rise in order to make a new upward trend with more favorable position costs in the context of inflation with the same loose monetary policy.

Copper: Lun Copper continued its strong rally this week, easily breaking the $6300 / tonne mark in intraday trading, mainly as investors' optimistic expectations of a better macro economy boosted risk appetite, ignoring fears that a surge in new crown infections in the United States could be a drag on the economy again. During the week, service sector PMI data from Europe and the United States boosted market confidence, while economic policy maintained a tone of liquidity easing. Fed Meester said it would maintain loose monetary policy and would do more to support economic recovery, and the Bank of England also revealed the possibility of considering a "negative interest rate" policy. Fundamentally, the epidemic situation in South America continues to ferment, and Chile's state copper company (Codelco) said it will suspend the expansion of the El Teniente copper mine, causing concerns about tight supply upstream and supporting copper prices. On Monday, copper opened at US $6040.5 / ton and steadily reached the US $6100 / ton mark at the uplink station. Affected by the high number of new crown cases in the United States before the refresh, copper prices briefly retreated to 6078 US dollars / ton in the middle of the week, and then regained momentum all the way up, easily breaking the 6300 US dollars / ton mark, reaching as high as 6360 US dollars / tonne. Near the weekend, long profits fell into the bag, and Lun Copper gave up some of its gains, returning to the 6300 US dollars / ton first line. Up to now, Lun Copper closed at 6310.5 US dollars / ton, up 295.5 US dollars / ton in the week, with a weekly increase of 4.91%. The position increased by more than 7700 hands during the week, and the bulls completely led the market. at present, Lun Copper has closed positive for 8 weeks, and the bulls have accumulated more than 35000 positions in 8 weeks, making Lun Copper in a strong upward pattern, with the technical side completely more. Continue to pay attention to the development of the epidemic and the two major risk points of international trade relations, and test whether copper prices can rise again.

Compared with last week, the center of gravity of copper in Shanghai this week continued to rise, rising strongly. Domestically, driven by investors' optimistic expectations of a strong rebound in China's economy and continued loosening of funds, A-shares rose strongly this week, driving the prices of risky assets in financial and commodity markets to continue to rise. It was announced this week that PPI fell 3 per cent in June from a year earlier, after a reversal of the trend of expanding decline for four consecutive months, indicating that domestic manufacturing is steadily recovering against the backdrop of a pick-up in international commodity prices. Copper prices have been buoyed by news that mine production has stalled and shipments have been delayed due to the expansion of the epidemic in South America amid a surge in investor risk appetite. At the beginning of the week, Shanghai copper opened at 48900 yuan / ton. after briefly exploring the lowest point of 48480 yuan / ton in the week, it continued to rise. After breaking through the 49000 yuan / ton mark, the kinetic energy did not decrease, breaking the 50, 000 yuan mark in one fell swoop. On Thursday, it rose to the week's highest point of 50800 yuan / ton. Copper prices gave up the increase slightly over the weekend, based on the 50000 yuan / ton mark, and adjusted in the 50500 yuan / ton first-line shock adjustment. At present, it closed at 50500 yuan / ton, up 1600 yuan, or 3.27%, during the week; the position decreased by 5954 to 116000 hands, the bears were forced out at the beginning of the week, and the bulls left the market at a profit at the weekend; trading volume increased by 13000 lots to 666000 lots. The contract spread of 07mur08 has narrowed to around 20 yuan per ton. At present, Shanghai copper negative, but there is still a distance between the lower shadow line and the 5-day moving average, still in the uplink channel, and the bulls continue to dominate the market. Follow-up focus on macroeconomic repair and supply-side disturbance news to test whether the bulls can once again make efforts to support the upsurge in copper prices.

This week, the spot market shows that it rises first and then suppresses it. At the beginning of the week, the market inquiry atmosphere is active, and because the inflow of imported copper is less than last week, the holder has confidence in Shengshui, and the price is relatively strong and the room for price reduction is limited. The spot price of Shanghai electrolytic copper for the current month's contract ranges from 10 to 40 yuan per ton. Midweek Shanghai copper price broke through the 50, 000 mark as high as 50700 yuan / ton, the high copper price directly suppressed the market demand, the buyer mostly stopped to wait and see, the holder showed a clear willingness to cash at a high level, and in order to close the deal, the rising water dropped directly to the level water, until Friday when the discount was 10 yuan / ton and the copper futures high correction was encountered, attracting traders to enter the market to inquire and buy, the rising water was able to stop the decline. On Friday, Shanghai electrolytic copper spot quoted a discount of 10 to 20 yuan / ton for that month's contract.

Aluminum: Lun Aluminum opened at 1615.5 US dollars / ton on Monday, mainly short positions from Monday to Wednesday. Lun Aluminum rose strongly, and the market value once exceeded 1650 US dollars / ton. On the 4th, Lunal encountered sniper attacks from some short parties, and the daily K recorded a small Yin line. More than one head entered on Friday to boost Lun aluminum prices, which rebounded strongly. As of 18:41, Lun Aluminum closed at 1671 US dollars / ton, rising about 59 US dollars / ton in the week, or 3.66%. Trading volume increased to 64100 lots, and positions increased by 5605 to 825000 lots, mainly by bulls. Zhou K line temporarily accept a long positive line, KDJ line three up. Overall, due to the impact of the epidemic, there is still a risk of uncertainty overseas, but in the context of the overall global economic recovery and high bullish sentiment, the price of Lun aluminum is driven by a certain market. It is expected that Lun aluminum prices are still supported in the short term, and we need to continue to pay attention to the stability of overseas economic development in the future. Shanghai Aluminum's main 2008 contract opened at 14060 yuan / ton at the beginning of the week. The first day of trading was dominated by short positions. Aluminum futures reached a high of 14205 yuan / ton at the end of Monday night trading. Later, bulls showed a lack of confidence, and the center of gravity of aluminum futures fell below the 5-day moving average. Around 21:00 on Tuesday night, it recorded a weekly low of 13945 yuan / ton. More than a strong entry on Wednesday, aluminum prices rebounded, the center of gravity back above the 5-day moving average, the upward trend is obvious, in the last two days short sellers urgently left the market to avoid risk, the bulls took advantage of the victory to chase, aluminum prices rose all the way, although bears tried to attack high positions during the period, but failed to stop the trend of aluminum prices. As of Friday afternoon, Shanghai Aluminum closed at 14375 yuan / ton. Weekly positions decreased by 3485 to 165000, while weekly Shanghai Aluminum Index positions decreased by 12027 to 428000. On the whole, the current electrolytic aluminum inventory warehouse receipt is still low, the spot market supply is tight, the spot-driven futures price upward logic remains unchanged; Delivery of the month will be completed next Wednesday, and it is expected that the tight spot circulation will be slightly alleviated after the change of month, but the trend of Shanghai Aluminum will remain strong in the case of low warehouse receipts, and the rising water level of the spot will still be maintained in that month. we need to continue to pay attention to the impact of the trend of long short funds and the weakening degree of fundamentals on market sentiment.

The spot transaction is poor this week, and the supply is in a tight state. During the week, the spot transaction price in Shanghai was between 14320 yuan / ton, and the spot price in Wuxi area was between 14330 won 14820 yuan / ton. The average weekly price rose around 215 yuan / ton compared with last week. The rising water first suppressed and then rose during the week. At the beginning of the week, the rising water fell back from 40 yuan / ton to near Pingshui, and rose sharply near the weekend. It rose to 180 yuan / ton on Friday afternoon, and the spot price in Hangzhou area was between 14350 won 14830 yuan / ton. Supply circulation is tight throughout the week, traders feedback that they do not hold much goods, and under the background of strong shock of aluminum prices, the enthusiasm of preserving value is not as good as that of the previous period. Although the middleman has a strong willingness to receive goods, it is difficult to fully meet the demand for receiving goods due to the high price of the holder and the limited supply of goods in circulation. Downstream this week, the performance of on-demand procurement, due to the sharp rise in aluminum prices, downstream in the case of weakening their own orders, buy not much, near the weekend stock signs are not very obvious.

Lead: lun lead continued its upward trend this week and has repaired its decline since the outbreak. At the beginning of the week, Lun lead rose near the 5th line, reaching a high of US $1848 / ton, brushing a new four-month high, and then the high level of Lun lead fell back, but Lun lead was resilient, and Lun lead was supported again near the 5-day moving average, and finally closed at Wulianyang, with the price quoted at 1832 US dollars / ton. At present, the market has a high risk appetite for long, mainstream funds are flowing to all kinds of risk assets, and lun lead inventory is declining, showing the recovery of overseas consumption. at present, the biggest risk in the market lies in several points: one is the Sino-US trade environment; the second is whether the tightening of monetary policy in the United States and China is sustainable, and the third is whether the degree of fermentation of the epidemic will increase. Judging from the performance of risk varieties on Friday, Some funds still choose high risk aversion and wait-and-see, and the trend of Lun lead next week is crucial. Lun lead: 1785 U.S. dollars / ton, 1,885 U.S. dollars per ton.

This week, Shanghai lead broke through the platform uplink and entered a new round of rising cycle. At the beginning of the week, Shanghai lead fluctuated in a narrow range, reaching a low of 14565 yuan / ton. in the next few days, non-ferrous metals strengthened as a whole. Driven by mainstream funds, Shanghai lead rose rapidly, reaching a high of 15175 yuan / ton, a new high since March, and finally reported at 15070 yuan / ton. The bullish logic of the domestic market, first, the peak season of traditional consumption; second, the macro environment is still good. From the point of view of the market's current willingness to deliver positions, inventory situation, spot rising performance, and scrap price difference, the fundamentals of lead are not obvious, but from the willingness of bulls to receive goods in recent months, there is no willingness to leave before delivery, and it is expected that the main contract in August may continue to do Borrow. Shanghai lead 08 contract 14950Mutual 15350 yuan / ton

This week, the mainstream spot operation is 14800 won 15500 yuan / ton. According to SMM, this week, Henan, Hunan and other refineries due to maintenance and other related reasons, primary lead production decreased month-on-month, delivery brand refineries to long orders and delivery positions, a small number of bulk orders quoted relatively strong, as of Friday, the market bulk order (delivery brand) to SMM1# lead average price to 50 yuan / ton factory, non-delivery discount 100m 200 yuan / ton. Trade market, the market supply is abundant, but traders will not significantly expand the water delivery, the reason is the same as above, as of Friday, domestic lead ordinary brand lead 2007 contract discount 50 yuan / ton to flat quotation; recycled lead market, with the price higher, corporate profits revised, as of Friday, including tax recycled lead mainstream quotations on the SMM1# lead average discount 300 yuan / ton factory, some areas discount 450 yuan / ton price is still available; Consumer side, from the market feedback, prices continue to go to a high level, downstream enterprise procurement to just need.

Zinc: the trend of Lun Zinc Wulianyang is strong this week. Chou Chu Lun zinc stop rebound, prices from 2020 US dollars / ton strong shock, but rebounded to 2070 US dollars / ton first line blocked fall, concussion down once fell to 2033 US dollars / ton, the technical surface touch 20 moving average to obtain support, prices opened to rebound, to recover all the decline, into the shock trend, the main operating range in 2050tel 2070 US dollars / ton, consolidation looking for direction. On Wednesday, zinc rose sharply, strongly breaking through the $2100 / ton round mark, up more than 4% at one point, the high position received some bullish funds to stop earnings and left the market, and the price fell slightly. Prices continued a strong trend in the second half of the week, while the continued decline in the dollar led to strong volatility as a whole, rising as high as $2173.5 / tonne, with prices reaching their highest level since late February, but high bulls closed and prices fell slightly, but still rose 5.6 per cent from a week earlier.

Shanghai zinc: this week, Shanghai zinc first suppressed and then rose. At the beginning of the week, the main contract for zinc in Shanghai is still in a shock consolidation range of 16600 won / t. On the one hand, the margin of downstream demand has weakened, while the recent processing fees have been raised by 200 won 300 yuan one after another, and the smelter has also resumed production after overhauling, the marginal fundamentals have weakened; on the other hand, the recent economic data at home and abroad have improved, and the market is relatively optimistic about the continued improvement of the economy. Zinc prices are in a dilemma up and down, looking for direction. There was a breakthrough in the domestic stock market during the week, with a strong bullish atmosphere in the market. Surrounding metals such as copper prices hit record highs one after another, and zinc faced price reevaluation, as well as supplementary demand. In the case of increased market risk appetite, funds increased sharply in the second half of the week to pull up the zinc price. In just three trading days, the main contracts broke through the 17000 yuan and 17500 yuan / ton mark, rising as high as 17755 yuan / ton, but as the price hit a new high. The bulls left the market, coupled with the stock market correction, prices rose high and fell back on Friday. By the close of the afternoon, the main contract closed at 17555 yuan / ton, up 4.84% from the previous week.

This week, in the Shanghai market, the domestic contract for 08 has been lowered from RMB80 / ton to RMB40 / ton, Shuangyan and Chihong from RMB110m / ton to RMB80 / ton, and SMC and AZ from RMB4050 / ton to RMB30 / ton. Zinc prices rose sharply this week, and the market was dominated by shipments. at the beginning of the week, zinc prices continued to fluctuate within the range, and the market trading flat quotation continued to stalemate at about 80 yuan / ton in Shengshui last week, downstream on-demand procurement, and long orders among traders were carried out normally. Zinc prices jumped more than 900 points in the second half of the week, the market feedback was dismal, the market received more and less, and the quotation was gradually revised down to about 30 RMB40 / ton for Shengshui. Downstream cautious wait-and-see, few inquiries, long orders among traders contributed to the main market transactions, the overall transaction was not as good as last week.

This week, Ningbo Zinc 2008 contract water rose 70 yuan / ton-80 yuan / ton. This week, the price difference between Ningbo and Shanghai widened from 20 yuan / ton last Friday to 30 yuan / ton. The circulation of goods in the Ningbo market tightened again this week compared with the previous week, mainly because the turnover in the Ningbo market was relatively light, and many traders and smelters reduced the supply of goods sent to the Ningbo market. In the first half of the week, the market reported that the basic price of the 2008 contract was around 90Mel 110 yuan / ton, and the market transaction was basically based on the need to buy. In the second half of the week, with the sharp rise in zinc prices, the willingness of downstream enterprises to buy quickly weakened rapidly, and the market trading was dominated by the trading among traders. However, due to the lack of supply in the market, the holders were reluctant to substantially reduce the price of rising water for delivery, while there were few purchases downstream, and the market trading atmosphere was more stalemate. Basically stable in the August contract rising water 70 murals around 80 yuan / ton. From the point of view of this week, there is basically no actual consumption in the second half of the week, and the market turnover in the first half of the week is also relatively light, and the turnover of this week is obviously weaker than that of last week.

The price of zinc in Guangdong market this week focused on the discount of 20 yuan to 40 yuan per ton for the 2008 contract of zinc in Shanghai, while the discount of 50 yuan per ton on the Guangdong market was 40 yuan lower than that of last week. Guangdong zinc ingots spot discount continued this week, the first half of the week, futures prices are between 16600, 16800 yuan / ton, the price is still high for the downstream, basically just need to purchase, the market supply exceeds demand is highlighted, the holder quotes for shipments are low, traders are low price receiving, pressure spot rising water overall transaction price, zinc quotation is more concentrated on the 2008 contract rising water 1020 yuan / ton. Entering the second half of the week, zinc prices are rapidly rising, downstream procurement demand is weaker, the market continues to reduce prices for shipments, traders receive goods at discounts, support market turnover, spot quotations to 2008 contracts discount 20% to flat deal. Generally speaking, the rise in zinc prices suppresses downstream replenishment demand, coupled with downstream orders in general, the spot transaction price support weakens.

This week, the mainstream ordinary brand of Tianjin Pang Zinc rose 80 yuan to 140 yuan / ton in the contract of Shanghai Zinc 2008, while Zijin quoted a price of 170 yuan / ton to 210 yuan / ton in the 2008 contract, and the Tianjin stock market remained about 60 yuan / ton higher than the Shanghai market. Zinc prices continued to fluctuate early this week, traders maintained last week's discount quotation, but because Zijin Refinery concentrated shipments last week, there was no delivery this week, resulting in traders raising Zijin quotations, and the transaction was general; entering the middle of the week, zinc prices rose sharply, traders lowered their discount quotations, but downstream enterprises were mainly wait-and-see, and the willingness to receive goods was poor, and the market transaction weakened again. Near the weekend, zinc prices continued to rise, the Tianjin market discount fell again, and on Friday Zijin brand arrived, suppressing its quotation, of which the ordinary brand quoted to rise to 130 yuan / ton, Zijin quoted to rise to 170 yuan / ton, but the absolute price is higher and lower, the downstream is still mainly wait-and-see, only very few just need to purchase, the transaction is weak again. Overall, the Tianjin market turnover is poor this week, the market is still mainly wait-and-see, waiting for the price correction, it is expected that Tianjin Shengshui will still be weak next week.

Tin: this week, Lunxi electronic trading opened at US $16895 / ton, fluctuated near the opening price at the beginning of the week, and began to rise in the middle of the week supported by the lower 5-20-day moving average, and then pulled up sharply, breaking the Brin belt on the track, reaching a weekly high of US $17480 / tonne, pullback and concussion downward after peaking, continuing the previous day's decline on Friday afternoon, as of 1615 today, the latest price of Lunxi is 17170 US dollars / ton. During the week, it rose 270USD / ton, or 1.6%. The trading volume was 1558 lots, and the position was 17151 lots, an increase of 565 lots. This week, Lunxi is a Xiaoyang line, the center of gravity has shifted higher than last week, and the physical part is near the 5-week moving average. In terms of indicators, the daily line-level MACD opening is still downward, but the range has narrowed, and the K-line briefly broke through the Bollinger belt on the track. The weekly MACD opening is still upward, and the K-line is still running steadily between the upper and lower rails of the Bollinger belt. Although Lunxi has fallen today, it is still at the previous platform level, and it is expected to be difficult to fall below the platform line in the short term. The upper pressure is too high to rise, and Lunxi is expected to maintain a wide shock next week, with the upper pressure level around $17500 / ton and the lower support level around $16700 / ton of the previous platform.

This week's Shanghai tin 2009 contract, guided by the stock market and macro sentiment at the beginning of the week, rose sharply after opening, hitting a year-to-date high of 142800 yuan / ton before peaking a pullback. In the middle of the week, it was mainly affected by bulls leaving the market, and tin in Shanghai showed a downward trend of concussion. It opened high and left low on Friday night, and the decline continued unabated after opening in the morning. during the last trading period, the lowest point in the week was 138610 yuan / ton, closing at 138900 yuan / ton. During the week, it fell 890 yuan / ton, or 0.64%, to 167000 hands and 29567 positions, an increase of 406 hands. The weekly line level is a small Yin line, and the physical part is above all moving averages. In terms of indicators, the weekly-level MACD opening is upward, the K-line has the intention to impact on the upper rail of the Bollinger belt, but there is pressure above, and the daily-level MACD index forms a dead fork, and the K-line breaks through the upper rail of the Bollinger belt at the beginning of the week and then goes down under pressure. The bulls on the disk have obvious departure and profit-taking trend, but they have not yet fallen below the previous platform line, and there is still a 20-day moving average at the bottom of the platform line. Next week, we need to continue to pay attention to whether the main bulls return to the market, the lower support level is expected to be located near 137500 yuan / ton in the middle rail of the day-level Bollinger belt, and the upper pressure level is around 143000 yuan / ton.

This week, the Shanghai-tin spot market generally follows the Shanghai tin market, showing a trend of rising first and then suppressing it. Affected by the good news of the stock market at the beginning of the week, tin in Shanghai rose sharply at the beginning of the week, and the spot price rose by about 1000 yuan / ton. the price of tin was high, and the downstream just needed to collect goods. Traders held a wait-and-see attitude, and the overall spot market of Shanghai and tin was afraid of heights and wait-and-see. The futures market rose sharply, the spot price rose less than the spot price, and the rising water decreased greatly compared with last Friday. Yunxi rose 1500 yuan / ton to around 500 yuan / ton, Yunzi rose 1000 yuan / ton to near flat water, and the ordinary small brand dropped from flat water to 1000 yuan / ton. Subsequently, the futures market fell somewhat, showing a concussive downward trend, and the spot price also fell. On Friday, the Shanghai tin futures opened high and opened low from the night market, hit the lowest point of the week below, and the spot price also fell. On Friday, the average spot price of Shanghai tin was about 140000 yuan / ton. In terms of discount, Yunxi and Yunzi of Shanghai tin 2008 contract fell by about 1000 yuan / ton compared with last week, while the small brand dropped from near flat water to 1000 yuan / ton.

Nickel: Lun Nickel opened at US $12985 / ton this week and stood above the Wansan pass shortly after the opening. Then, driven by the strong upward trend of Shanghai Nickel, Lunni continued to refresh its new high since February. It rose 3.28% on Monday to $13400 a tonne. Due to the continued improvement in macro sentiment, global stock markets also rose one after another in the middle of the week. although there was no sustained macro news, Lunni continued its rally until it reached 13550 US dollars / ton. Lunni did not end 9 Lianyang until the pressure fell back to 13000 US dollars / ton in the second half of the week. As of July 10, 1922, Lunni closed temporarily at US $13085 / ton. Lun Nickel rushed higher this week mainly because the inner market was driven by capital, and macro sentiment slowly increased investors' risk appetite. At present, Lunni has come out of a new space after breaking the concussion pattern. Lunni is still expected to rise again next week after the consolidation of the $13000 / ton first line, but we need to pay attention to the resistance of the $13600 / ton platform level.

The main 2010 contract of Shanghai Nickel opened at 106030 yuan / ton at the beginning of the week. after the opening of trading at the beginning of the week, the bulls actively entered the market to try more, and then funds continued to pour into the nickel market, and the long position greatly increased to push the Shanghai Nickel Station above 107000 yuan / ton. In the middle of the week, the center of gravity of Shanghai nickel revolves around 107300 yuan / ton first-line shock consolidation, during which several times it rushes up to 108000 yuan / ton and then falls back under pressure. On Thursday night, due to the sharp fall in the price of US crude oil, the heightened risk aversion sentiment of funds near the weekend made Shanghai nickel give up its weekly rise, falling to the 10-day moving average of 105200 yuan / ton to be supported. In the end, Shanghai Nickel closed at 105450 yuan / ton, down 390 yuan / ton, or 0.37%. Although Shanghai nickel has fallen back, there are still many positions in the main force, and under the policy of sustained easing of funds, if Shanghai nickel can be consolidated at the 105000 yuan / ton line next week, it is still expected to break through again.

This week, the average weekly price of SMM1 nickel is 106000 yuan / ton, Jinchuan nickel is 106500 yuan / ton, and Russian nickel is 105490 yuan / ton. As nickel prices continued to fluctuate at high levels this week, nickel prices did not fall back until Friday, so the spot trading atmosphere was light, and traders made deals only on Friday. In terms of the discount, the spot still quoted a price for the Shanghai Nickel 2008 contract. Due to the high turnover of the stock, the Russian Nickel discount remained stable within the week, and most traders quoted prices between RMB400 and RMB5000.The rising water of Jinchuan Nickel showed a gradual downward trend during the week. from the beginning of the week, the rising water gradually fell back to 300 yuan / ton, on the one hand, due to the sufficient supply of goods in the market, and consumption continued to be weak; On the other hand, Jinchuan company actively shipments, trade nickel prices are strong, in the high hedging, so Jinchuan nickel rising water gradually lower. Nickel beans, the discount range remained stable at-1500 yuan / ton, steel mills every bargain during the week, inventory has been reduced. As delivery is approaching next week, and as the supply of low-priced goods in the market decreases, the spot discount may be firm, traders will consider a monthly offer after delivery.

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