Macro Favourable Still Exists, But Nickel Prices will Run Weakly

Published: Jul 13, 2023 09:54

Source: SMM

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Macro, on July 10th, the two national bureaus to extend the two financial support real estate market policy period, macro positive plate.

Fundamentally, the upstream down Jinchuan nickel plate ascending water, but by the disc rose, the spot absolute price compared to yesterday continued to rise, so the downstream demand has a certain reduction in the overall market turnover compared to yesterday's weakening.

In summary, the current macro news frequently, the basic face of nickel price support is limited, is expected to follow the nickel price or will show a trend of shock.

Pure nickel: July 12, Jinchuan ascending water reported 11300-11500 yuan / tonne, the average price of 11400 yuan / tonne, the price of 250 yuan / tonne down from the previous trading day. Russian nickel ascending water quoted 2500-2600 yuan / tonne, average price 2550 yuan / tonne, compared with the previous trading day up 50 yuan / tonne. Today's morning disc oscillated upward.

According to SMM research, the current market supply of Russian nickel is tight, mainly due to the 07 and 08 contract monthly difference did not narrow, some traders choose 07 delivery.

Today's downstream purchasing willingness is lower, the morning market transaction atmosphere is weaker. Nickel briquette price of 164950-165950 yuan / tonne, compared with the previous trading day spot price up 200 yuan / tonne, nickel brequitte price of nickel sulphate continues to be inverted, the spot transaction is weak.

More popular news:

SMM Daily Comments (Jul 3): SHFE Base Metals Rose across the Board with Tin Surging, Ferrous Metals Prices Closed Mixed

SMM Daily Comments (Jul 5): Base and Ferrous Metals Prices Mostly Fell, WTI Soared despite Lingering Concerns over Global Economic Downturn

SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

China Commodity Supply and Demand Boomed in June

China Vows To Increase Macro-Control Efforts, Expand Consumption And Stabilise Investment

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