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[SMM Nickel spot afternoon Review] Nickel shock in Shanghai weakened demand near the 20th moving average and the flow among traders was OK.
Jul 21,2020 12:08CST
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Source:SMM
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SMM, July 21:

Today, SMM1 Electrolytic Nickel is quoted at 104700 RMB105700 per ton. In the spot market, most traders quoted prices for 08 contracts, while individual traders quoted prices for 09 contracts in another month. After the release of downstream demand yesterday, the willingness to purchase has weakened today, and the circulation atmosphere of inquiry among traders is OK today. Russo Nickel to Shanghai Nickel 2008 contract quoted 450 yuan / ton to 350 yuan / ton, Russian nickel discount is the main reason, the volume of shipments of traders yesterday, after the reduction of inventory, the holder is reluctant to sell. Jinchuan Nickel 2008 contract against Shanghai Nickel rose 400,000,000 yuan / ton, and there were also a small number of transactions in the morning. Jinchuan Company quoted the ex-factory price in Shanghai at 106000 yuan / ton, which is 500 RMB600 / ton higher than the market price, so the willingness of traders to accept the goods is restrained. Nickel beans were quoted at 1300 to 1200 yuan per ton in the morning, which was the same as yesterday.

 

 

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