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[SMM Analysis] the news stimulated the mood of Nickel City to soar by more than 3%. Wide range is expected to fluctuate strongly in the future.
Jul 24,2020 18:10CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 24: on the morning of July 24, non-ferrous metals collectively floated red, with half of the varieties rising more than 1%, of which Shanghai Nickel was better, rising more than 3% alone, recovering the lost ground in recent days to near the beginning of last week. On the news side, Musk, chief executive of the electric car manufacturer, recently said on the second quarter earnings call: "if you mine nickel efficiently in an environmentally friendly way, Tesla will offer you a huge contract for a long time." At the same time, he said that Tesla's next automatic assembly plant will be set up in Austin, Texas.

Musk called on nickel miners to increase nickel mining, raising expectations of demand for nickel for new energy, while the recent fall in the dollar index has also supported metal prices. The dollar index hit 94.58 yesterday, its lowest level since September 2018, as investors continued to sell dollars on hopes that a surge in coronavirus cases would make it difficult for the US economic recovery to outperform other countries, while an unexpected increase in initial jobless claims in the US last week, announced yesterday, raised fears that the economic recovery might have stalled and US stock markets fell to their lowest level in a week.

In terms of fundamentals, the first line of pure nickel has been weak, and the fundamentals of nickel pig iron and stainless steel can be balanced in the short term after the rise in nickel prices. the recent futures prices are greatly affected by capital, and Shanghai nickel fluctuates widely after it reaches a high level. coupled with the complex international situation, most operators are cautious about expectations. Yesterday, Musk, CEO of electric car maker Tesla, called on miners to increase nickel mining volume, stimulate nickel market sentiment to boost the market, and prices will fluctuate in a wide range in the short term. Shanghai nickel is expected to be 110,000 yuan per ton today, while Lenny is expected to be 13,750 US dollars per ton.

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