Today, Shanghai Nickel continued its high volatility in yesterday's night trading. As of 09:40, the main contract of Shanghai Nickel was at 138000 yuan / ton, an increase of 2.6 per cent. Last night, Shanghai nickel broke through the previous high of 136000 resistance to 137890 yuan per ton, an increase of more than 2%. In foreign countries, Lunni also rose more than 2%. Russian economy Minister Reshetnikov proposed to impose tariffs on copper and nickel from August 1. Nickel prices were boosted after the news was released.
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According to SMM, according to domestic customs data, China imported 51765 tons of electrolytic nickel from the Russian Federation in 2020, accounting for about 40% of the domestic electrolytic nickel imports. However, due to the small number of long orders signed by Russian nickel producers and domestic traders in 2021, the total amount of electrolytic nickel imported from the Russian Federation from January to May this year totaled 6983 tons, accounting for about 10 per cent of the total imports. Russian electrolytic nickel is the main source of warehouse receipts for Shanghai nickel contracts, and the decline in imports this year has led to the continued low level of Shanghai nickel warehouse receipts.
According to SMM research, there was no tariff on Russian nickel plates before. Another foreign media reported that the export tariff includes a basic tax rate of 15 per cent and a specific tax rate of US $2321 per tonne of nickel, which is applicable to exports outside Eurasian Union countries according to the average metal price over the past five months. Considering that the plan is still proposed, SMM will continue to report on the impact.
[nickel Industry News] Russian economy Minister Reshetnikov proposes to impose tariffs on copper and nickel from August 1st
At the opening of trading today, Shanghai Nickel continued to fluctuate at a high level and broke through the 138000 yuan mark. SMM believes that although the above news is inconclusive, the impact on market sentiment is still very obvious, and the rising power of other non-ferrous items yesterday weakened. Therefore, after the news is digested, there may be a slight decline in the process of adjustment. It is expected that Shanghai Nickel will vibrate above 136000 of the former high Shanghai Nickel today.
