[institutional point of view] Nickel price volatility is strong, closing and rising trend is divergent.

SMM Network News: nickel price recent shock strong close up, non-ferrous trend differentiation, pre-strong varieties collation and adjustment, and pre-weak varieties are rebounded. The progress of Brexit and expectations of the US stimulus package still affect macro sentiment, with the volatility of the dollar index and slightly weaker support for non-ferrous prices.

The price of nickel is still in wide concussion, and the strong concussion within 125000 yuan continues temporarily. Philippine nickel ore prices are relatively strong, the new phase of port inventory shows a decline in inventories, and goods will continue to decline in the later period. LME recent nickel inventory continues to maintain above 240000 tons and continues to increase, domestic future nickel inventory continues to decline to less than 19000 tons, spot demand is general, Jinchuan nickel rising water slightly, nickel beans maintain rising water, Russian nickel holding firm, domestic inventory decline continued, relatively strong in recent months. The price of Ferro-Nickel has rebounded slightly recently under the increase of reduced production. Large stainless steel plants have a turnover of 1050 yuan per nickel point of several thousand tons, which is still disadvantageous to Ferro-Nickel in the case of increased reflux in Indonesia, and the willingness to reduce the price of Ferro-Nickel has been weakened. Stainless steel plants have recently shown that the expected output in December is not low. The spot stock of stainless steel even rose slightly due to the shortage of specifications, and the transaction has also improved relatively, the negative effect of stainless steel on nickel has been weakened, the recent guidance price of large manufacturers is stable, and the February futures order is also gradually unfolding. Recently, the theme of new energy battery is paid more attention by the capital market, and the relative price of nickel sulfate is relatively strong, which drives nickel to a certain extent, but the impact of actual demand is still small, and there is a structural differentiation among nickel products.

LME nickel prices remain volatile in the short term, and pay attention to the pressure around $16550 in the short term. Domestic Shanghai nickel ni2102 short-term breakthrough 120000 after the shock is strong, but the previous attention between 123000-125000 yuan is still facing a strong rebound pressure. The overall differentiation of non-ferrous metals, the shock of strong varieties such as copper, and the price continuity of nickel after the short-term upside still need to be driven as a whole, otherwise the support for rising alone will be limited for the time being. in addition, note that the recent stabilization of the US dollar index may continue the narrow fluctuations of non-ferrous metals for the time being.