SMM News: Shanghai nickel 2011 contract prices fell unilaterally on Wednesday, especially after a dive in the afternoon, which stabilized before the close and finally closed at 117540 yuan / ton. The trend of nickel in the night market is mainly volatile, while the price of nickel in Shanghai is slightly lower.
Industry: inner Mongolia Jing'an Nonferrous Nickel-based 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.
Nickel prices fell again in a weak trend yesterday and have been falling for half a month since hitting a new high in early September. Previously, we believe that the upward trend of nickel prices has basically ended, and the follow-up trend will be dominated by high shocks, which is still maintained. With the gradual increase of ferronickel production capacity in Indonesia, the impact on domestic supply will become greater and greater, the overall supply will begin to exceed demand, and the upward pressure on nickel prices will become greater and greater. Although the market is gradually entering the pattern of supply exceeding demand, the trend of nickel price is still repeated before a large amount of inventory is accumulated and before the market demand weakens. In the future, the price of nickel is likely to fall after the high shock, but at present it is still mainly wait-and-see, waiting for the accumulation of inventory, until it forms a greater pressure on the price.
Operation suggestion: it is recommended to wait and see.
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