Nickel spot

Nickel spot: nickel futures fell back to 118000 yuan / ton in the morning market today after the first line of shock consolidation, but still did not break through 119000 yuan / ton to pressure. In the spot market, most traders have shifted from Shanghai Nickel 10 contracts to the main monthly 11 contract quotations. The morning market inquiry is OK, but only the traders with low-price offers have a certain amount of business. Russo Nickel to Shanghai Nickel 11 contract reported 600 to 500 yuan / ton, Jinchuan Nickel to Shanghai Nickel 11 contract reported an increase of 1500-1600 yuan / ton, the morning market is mostly inter-trader circulation. The ex-factory price of Jinchuan was 120300 yuan / ton, which was the same as yesterday, and the discount was similar to that quoted by traders. Nickel beans for Shanghai Nickel 2011 contract sticker 900 to 700 yuan / ton, equivalent to 10 contract sticker 600 to 400 yuan / ton, also the same as yesterday, so in order to attract buyers, light trading in the morning.

Market analysis

SMM analysis: Shanghai nickel afternoon diving decline was close to 2% supply-side tight support logic will be loosened? Today, Shanghai Nickel opened down, falling nearly 2% in the afternoon, and then recovered. By the end of the day, the main contract of Shanghai Nickel 2011 was at 117540 yuan / ton, down 1.17%. The fundamental focus of nickel price is still inclined to the nickel ore-nickel iron-stainless steel industry line. The price of nickel ore has risen all the way under the condition of considerable shortage of supply. The high price of Ferro nickel has been supported by both raw material support and tight supply. The mentality of high production in stainless steel plants has not been significantly reduced for the time being. This production line still has a strong support for nickel price. However, the fluctuation of macro factors has obviously disturbed the price of nickel in the short term. Today, the price of nickel seems to have fallen sharply due to the influence of capital sentiment in the afternoon. However, the US dollar index fell rapidly after the close of trading in Shanghai, and Lunni immediately went back to intraday highs, followed the Fed's interest rate resolution in the evening, and is expected to maintain loose liquidity. Short-term Shanghai Nickel may continue to fluctuate at 117000-120000 yuan / ton and Lunni 15100-15400 US dollars / ton.

[SMM analysis] Shanghai nickel afternoon diving decline was close to 2% supply-side tight support logic will be loosened?

[SMM analysis: stainless steel futures fell more than 2% today, the spot price steadily expanded compared with the rising water of futures] since last night, the SS2011 contract has an obvious downward trend, from 14400 yuan / ton to 14100 yuan / ton, the decline has stabilized, and the center of gravity has fluctuated sideways around 14100 yuan / ton. After the opening of trading during the day, the trend of weakness continued, falling below the 14000 yuan / ton mark and falling 13950 yuan / ton, but then the 60-day moving average was temporarily supported, slightly revised up, returned to the first line of 14100 yuan / ton, and finally closed at 14110 yuan / tonne, down 290 yuan / ton, or 2%, from yesterday's closing price. The stainless steel futures contract fell sharply, but at present, the stainless steel spot market is in the mood repair after the downward trend, and the spot price performance remains stable, so the discount of the futures contract is gradually larger than that of the spot, reaching a maximum of 1000 yuan / ton. In the past two days, the spot transaction situation has slightly improved compared with the continuous downward trend of prices last week, but the overall performance is general, and stainless steel prices are expected to remain stable in the follow-up.

[SMM Analysis] stainless steel futures prices have plummeted by more than 2% today, and the spot price has expanded steadily compared with the rising water of futures.

Important news

[Yangjiang Hongwang Phase II precision stainless steel plate and strip project with an annual output of 500000 tons is about to start online commissioning] according to Yangjiang sources, the construction of the second phase of Yangjiang Hongwang cold rolling project is speeding up. It is reported that the main project of the Yangjiang Hongwang Phase II project, which was originally scheduled to be put into production next year, has been basically completed, has entered the stage of equipment installation and commissioning, and is scheduled to be formally put into production within this year.

"Yangjiang Hongwang Phase II project with an annual output of 500000 tons of precision stainless steel plate and strip is about to start online commissioning.

[Minmetals Logistics Park and Jianyu step into five cold rolling processing lines at the end of the year] recently, Minmetals Wuxi Logistics Park and Jianyu (China) formally signed a processing cooperation agreement, which is expected to start trial operation in November 2020. In this collaboration, the two sides will give full play to their respective warehousing and processing advantages in the stainless steel industry chain, and work together to create integrated services in the stainless steel supply chain.

Minmetals Logistics Park joined hands with Jianyu to set foot on five cold rolling processing lines to be unveiled at the end of the year.

[inner Mongolia Jing'an Nonferrous Nickel Iron Alloy Project has completed an investment of 582 million yuan] the Inner Mongolia Jing'an Nonferrous Nickel Base Alloy New material Construction Project has a total investment of 15 billion yuan to build 36 fully enclosed submerged arc furnaces. The project plans to complete an investment of 2 billion yuan in 2020 and has completed an investment of 582 million yuan this year.

"the non-ferrous nickel-iron alloy project in Jing'an, Inner Mongolia has completed an investment of 582 million yuan.

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