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[SMM Weekly selection] Macro-relative preference is expected to be strong in the later stage of nickel price.
Jul 11,2020 14:40CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

"SMM Nickel Industry chain Weekly report" is released. SMM will select hot topics, prices, quotations or major changes in the industry chain and release information for your reference.

The following is an excerpt from the weekly report of the SMM nickel industry chain:

 

 

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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Catalogue of "SMM Nickel Industry chain Weekly report" in this issue

Main points of this issue's weekly report

Electrolytic Nickel: domestic Electrolytic Nickel output increased slightly month-on-month in June, stable production by most manufacturers

Nickel pig iron: the output of high nickel pig iron increased slightly in June compared with the previous month, and the new production capacity of nickel pig iron was put into operation to make up for the reduction in other plants.

Stainless steel: stainless steel production reached its peak in the first half of the year in June and is expected to remain high in July.

Nickel sulfate: the output of nickel sulfate increased slightly in June compared with the same period last year, and the market demand is still weak.

High-carbon ferrochromium: the number of infections in South Africa continues to rise does not rule out the second wave of regional blockade

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[China Nickel Industry chain High-end report] China Nickel Industry chain monthly report includes macro interpretation, monthly review of nickel price, interpretation of hot events and future forecasts in various sections of the nickel industry chain (nickel ore, electrolytic nickel, nickel pig iron, stainless steel, ferrochromium). And release monthly relevant enterprise operating rate and inventory survey and other data, covering the entire nickel industry chain.

[China Nickel Industry chain routine report] China Nickel Industry chain Weekly report includes macro interpretation, weekly review of nickel price, market trends of various sections of nickel industry chain (electrolytic nickel, nickel pig iron, stainless steel, ferrochromium), weekly social inventory, future forecast, comprehensive interpretation of the nickel market in the week.

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