[summary of SMM Morning meeting] Jinchuan Nickel rising Water is weak, stable and High Nickel Pig Iron has the intention to raise the price, but the steel mills have limited concessions.

Nickel price judgment: the futures nickel is high, the spot pure nickel turnover is light; the mine end shortage continues, the market price has no market; the nickel iron supply and demand temporarily maintains the relatively balanced state, the market price maintains the stable operation; the stainless steel futures increases slightly stimulates the spot price, the market transaction is general. At present, metal prices are in a strong state under financial stimulus. Although the nickel price is not easy to break through the upper platform position due to the lack of fundamentals, and there are more operators, it is difficult to have a sharp correction in the trend in the short term, and it is expected to be mainly high-level concussion. after the opening of trading today, nickel and other metals have been downgraded, paying attention to the support situation of Shanghai Nickel 107000 integer gate.

1. July 15th SMM1 Electrolytic Nickel is quoted at 107300 RMB108400 per ton. Nickel futures fluctuated at a high level today, users downstream of the spot market continued to wait and see, and the trading atmosphere in the market has not improved. Russo Nickel to Shanghai Nickel 2008 contract quoted 500 to 600 yuan / ton, some in the market shipping willingness has increased, the quotation has been lower than yesterday, but the transaction is still not good. Jinchuan Nickel to Shanghai Nickel 2008 contract reported a rise of 200mur400 yuan / ton, in the market low-rise water quotation has increased compared with yesterday, today's transaction situation is slightly better than Russo Nickel. Today, Jinchuan ex-factory price is 107800 yuan / ton, manufacturers continue to actively ship goods, Jinchuan Shengshui is expected to be weak and stable in the future. Nickel beans to Shanghai Nickel 2008 contract quoted price of 1500 yuan / ton.

2. On July 15th, the ex-factory price of SMM high nickel pig iron is 960 won 965 yuan per nickel point (including factory tax), which is the same as the average price of the previous trading day. The inquiry price of stainless steel factory is slightly raised to 980 yuan / nickel point (including factory tax), and the rising mentality of quotation downstream stimulates the psychology of holding up price. The quotations of ironworks and traders are mainly around 960 house price 970 yuan / nickel point (including factory tax), and some manufacturers quote 975 yuan / nickel point (including factory tax). Traders said that at present, the operating profit space of high nickel iron is very narrow, the quotations of iron mills are strong, the concessions of steel mills are limited, the supply of goods at low prices is difficult to buy, and it is difficult to sell at high prices. But the rising trend appears, the price of high nickel pig iron may continue to rise slightly by 5mur10 yuan / nickel point.

3. On July 15, the cold and hot rolling prices of stainless steel in Wuxi were all flat. 304 cold rolling was reported at 13550 won 13750 yuan per ton, and 304 hot rolling was reported at 13050 Mui 13150 yuan per ton today. Recently, stainless steel trading is slightly calm, but merchants inventory is not high, supply and demand are both weak, the price trend is affected by futures contracts and nickel prices, today's quotation is stable, the actual transaction has a small profit adjustment room. Today, the stainless steel futures contract is still at a slight discount to the spot price, SHFE10 point 30 SS2009 contract price 13570 yuan / ton, Wuxi stainless steel spot price 150 Mel 350 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)