Nickel spot

Nickel spot: due to the continued strength of the US dollar index since last night, Shanghai nickel jumped directly and opened low today, with the morning market fluctuating between 115600 and 116200 yuan / ton. Due to the sharp fall in nickel prices, market inquiries have improved significantly, but the actual trading volume has picked up to a limited extent. Some traders reported that although there were certain transactions, the downstream purchasing enthusiasm was not as active as when nickel prices plummeted last week. In the morning market, Russo Nickel to Shanghai Nickel 2011 contract mainstream offer discount 500 yuan / ton, the transaction situation is better than yesterday. In order to promote the transaction, individual importers reported 600 yuan per ton, and it is reported that there are more than 200 tons of large orders. Jinchuan Nickel 2011 contract against Shanghai Nickel rose 1500-1600 yuan / ton, which is also in demand at low prices, but the spot circulation of Jinchuan Nickel in the market is limited, so the rising water remains firm, and the trading situation in the morning market is not as good as that of Russo Nickel. The ex-factory price of Jinchuan was quoted at 117500 yuan / ton, which was between 1500 and 1800 yuan / ton higher than that of the 11 contracts, restraining traders' mentality of receiving and hoarding goods. Nickel bean quotation is also stable, the Shanghai Nickel 2011 contract quoted 900 to 700 yuan / ton, sporadic transactions in the morning market.

Market analysis

[SMM brief comment: Shanghai Nickel opening diving led the decline in non-ferrous short-term macro factors disturbance] SMM believes that spot fundamentals fluctuate less, a small amount of purchases are made downstream on demand, and the fundamental focus is still biased towards the nickel ore-nickel iron-stainless steel industry line. The price of nickel ore has risen all the way in the case of a considerable shortage of supply, the high price of Ferro nickel has been supported by raw material support and tight supply, and the mentality of high production in stainless steel plants has not been significantly reduced for the time being, and this production line still has a strong support for nickel price. however, at present, the fluctuation of macro factors has a more obvious disturbance to the nickel price in the short term. It is estimated that this week, Shanghai nickel is 114000-120000 yuan / ton, Lunni is 14500-15400 US dollars / ton.

[SMM brief comment] the opening diving of Shanghai Nickel led the decline in non-ferrous short-term macro factors.

Important news

[Ukraine's imports of nickel ore increased 30 per cent year-on-year from January to August] according to Ukrainian local media reports, Ukraine's imports of nickel ore and concentrate increased by 30 per cent to 1.12 million tons from January to August 2020 compared with the same period in 2019. According to statistics released by the Ukrainian General Administration of Customs, imports of nickel ore increased by 31.2% to US $55.706 million.

"Ukraine's nickel ore imports increased by 30% from January to August compared with the same period last year.

[Atlantic Nickel will invest US $335 million in the Brazilian nickel sulphide project] it has been reported recently that the private mining company Atlantic Nickel has announced plans to launch an underground nickel sulphide project in northeastern Brazil at a capital cost of US $335 million, starting in 2026.

"Atlantic Nickel will invest US $335 million in the Brazilian nickel sulphide project.

[Qingdao medium range: there is some uncertainty about the impact of the promotion of nickel development business on the company's performance] Qingdao medium distance said on the interactive platform: in the future, the company will gradually mine and sell its mineral holdings and develop related businesses upstream and downstream of minerals, and there is some uncertainty about the impact of the promotion of nickel development business on the company's performance.

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