After four consecutive falls, what is the trend of nickel price after the first "turning red" storm in Shanghai? [SMM Quick Review]

Publicado: Mar 23, 2022 17:04 (GMT+8)

Fonte: SMM

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SMM Quick Review: what is the trend of nickel price after the storm of "turning red" in Shanghai after four consecutive falls? After falling four times in a row, Shanghai Nickel turned red for the first time today. As of the day's close, Shanghai Nickel rose 2.7%, recording the largest increase in the ranks of basic metals in the inner market. Lenny opened this afternoon and was up 1.65 per cent as of around 16:15. According to SMM analysis, at present, at the end of the month, traders generally downgrade the rising water and quickly ship goods to avoid the risk of pure nickel hedge changing positions, but the market is generally bearish on the market, leading to weak spot trading of pure nickel, due to the long run.

SMM3 March 23: Shanghai Nickel fell four times in a row, today for the first time "red". As of the day's close, Shanghai Nickel rose 2.7%, recording the largest increase in the ranks of basic metals in the inner market. Lenny opened this afternoon and rose 1.65 per cent as of around 16:15.

By the end of the day, the trend of Shanghai Nickel:

"check the metal market.

Spot market

The average spot price of SMM# electrolytic nickel is 212400 yuan / ton today, up 0.62% from the previous trading day.

Today's SMM based on upstream and downstream comprehensive research and market traders collective inquiry, Jinchuan 3500-3900 yuan / ton today, the same as yesterday. Russo Nickel today 3000-3700 yuan / ton, down 250 yuan / ton compared with yesterday. Since yesterday, import losses have gradually turned to profits. at present, it will take some time from customs clearance to the arrival of goods in the market, and the tight trend of market supply remains unchanged in the short term. Today's rising water drop is mainly due to the fact that futures prices have risen from yesterday to the end of the month.

"View the spot historical price of SMM nickel products

According to SMM analysis, at present, at the end of the month, traders generally cut down the rising water and quickly ship goods to avoid the risk of pure nickel hedge changing positions and changing months, but the market is generally bearish on the market and leads to weak spot trading of pure nickel. Due to the lack of customs clearance for a long time, the market supply is less, and the overall supply is tight. In terms of nickel pig iron, although scrap economic preference has an alternative role, and the market reservoir may be released, nickel iron still has support in terms of cost, price difference and supply and demand, and the market remains volatile in the short term.

Demand side, although the current futures have been lowered, but the current nickel beans are still maintained at more than 200000, nickel sulfate plant procurement expectations are weak.

Yesterday, Lunni opened up or down 15%, but it has not yet fallen by the limit, which also shows that Lunni has gradually returned to fundamentals after the previous extreme market, and the price has gradually recovered. The follow-up trend of Shanghai nickel may be determined by domestic fundamentals. When the import window is about to open but the spot has not yet flowed into the domestic market, SMM expects Shanghai nickel to maintain a volatile trend.

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