Nickel ore quotations rose sharply, shipping rates unlikely to fall in short-term

According to SMM market research, a major stainless steel mill purchased over 10,000 mt of high-grade Nickel Pig Iron yesterday, with nickel content above 11%, at 1,040 yuan/mtu on a delivered basis.

[9.29 Morning Meeting Summary] US Treasuries had their worst week in 19 months. Last Friday, the 10-year Treasury yield surged above 5.22% intraday (a new high since 2007), and the 30-year broke above 5.5% (a new high since 2004), rising for four consecutive weeks. Japanese and US officials released signals that "a weak yen is problematic," and the yen rebounded more than 1% intraday. US stocks stopped falling and rebounded on Friday, with the Dow up 0.93% and the S&P 500 up 0.51%. Gold futures halted a four-day losing streak but still fell more than 2% for the week. The most-traded SHFE nickel contract (2610) opened lower and moved lower in early trading, closing the morning session at 123,640 yuan/mt, down 1.21%. The surge in US Treasury yields above 5.2% and a strong US dollar brought macro pressure back to the forefront, compounded by significant LME inventory buildup during the Mid-Autumn Festival holiday, leading to a catch-up decline in SHFE nickel at today's open. Funds may maintain a wait-and-see sentiment ahead of the holiday. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 123,000-126,000 yuan/mt.