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[SMM Analysis] Shanghai Nickel has turned red! The price of nickel ore is still strong. Nickel pig iron is not willing to give up price.
Sep 25,2020 17:15CST
The content below was translated by Tencent automatically for reference.

SMM9, March 25: today, the dollar, which has been strong for several days, finally fell slightly, falling from a two-month high, as renewed hopes for new stimulus measures in the United States eased investors' concerns about economic recovery. China's yuan rose after Chinese government bonds were included in a global benchmark bond index. At the close of trading during the day, non-ferrous metals plates rose and fell each other, of which Shanghai Nickel rose in late trading, closing up nearly 1%, and the recent outstanding performance of stainless steel futures also rose by 1.06%.

Spot transactions, nickel futures rebound since last night, the morning market concussion in the vicinity of 113000 yuan / ton. Spot prices rebounded slightly, the market inquiry activity jump is OK, but as the pre-holiday stock is nearing the end, the transaction situation has declined.

Stainless steel spot market driven by the strength of futures contracts, the spot slightly tentatively increased by 50-100 yuan / ton, according to the market, there are some downstream pre-festival stock preparation, the transaction performance is OK. But it is only the performance of the current adjustment period, the late post-holiday market arrival, market demand can match the uncertainty is relatively large, now maintain low inventory, flexible operation.

Financial markets suffered Black Monday, with the dollar index soaring to a six-week high, while the sharp fall in the price of crude oil triggered by a renewed increase in the number of novel coronavirus cases in the United States also affected the performance of major metals. From a fundamental point of view, at present, nickel ore prices are still strong, nickel pig iron is not willing to make concessions, and there is no obvious change in the balance of the electrolytic nickel industry chain, but the expectation of good performance in this part of the industry chain has not become the focus of market transactions in the near future. market sentiment is more affected by the macro side.

SMM believes that due to the weak performance of the dollar and the willingness to adjust in the market, traders are relatively short on commodities in mood, and the sharp decline at the beginning of the week has also laid the tone for weak operation, dominated by recent low shocks.

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