[summary of SMM Morning meeting] Nickel price breaks through spot demand suppressed by the latest tender price of high nickel pig iron is on the soft side.

Nickel price judgment: last week, the nickel price basically fluctuated in the early position range, and the fundamentals were weak but mostly known news, such as the increase in the supply of nickel pig iron and the pressure on stainless steel market shipments in the off-season, etc., as a whole, the short-term contradiction is not obvious; in the macro aspect, some overseas data are bright, and in the major links, we can see that overseas countries are still following the logic of consumer recovery, coupled with the fact that national policies support enterprises to have a certain effect, and the macro side is relative preference. Under the comprehensive action, the nickel price fluctuates in the range. At the beginning of the week, nickel prices broke through the previous platform, the momentum of long funds is strong, prices will be strong in the short term, and there is still room for pullback and consolidation within the week. Shanghai nickel 103500 won 107,500 yuan per ton, Lunni 12800 won 13300 US dollars per ton.

1. July 6th SMM1 Electrolytic Nickel quotation 104100mur105600 yuan / ton. Nickel opened at 104600 yuan / ton in the morning market, and gradually began to break through after 10:00. The morning market closed up by about 2.5%. The 08 contract stood at 106600 yuan / ton, and the main contract reached around 107200 yuan / ton. In the spot market, the downstream demand is restrained by the rising trend, and the atmosphere is gradually weakening. In terms of discount, Russo Nickel to Shanghai Nickel 2008 contract offer 500 to 450 yuan / ton, some traders at the opening of the morning market about 450 yuan / ton reached a small number of transactions, after the nickel price went up, the transaction is mostly about 500 yuan / ton, but the downstream demand is poor, so the total transaction volume is limited. In Jinchuan Nickel Morning Market, the contract for Shanghai Nickel 2008 rose 700 to 800 yuan / ton, and the transaction was also poor. Jinchuan Company's ex-factory price was 107000 yuan / ton today. In the second trading session, some consignors lowered their quotations to around 650 yuan / ton, but there are still few receivers. For nickel beans, the discount is still quoted as 1400 yuan / ton for the Shanghai Nickel 2008 contract.

2. On July 6th, 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. Today, a large stainless steel factory in South China has a high nickel pig iron transaction price of 965 yuan / nickel point (port price, excluding freight), with a turnover of 10,000 tons, which is Indonesian iron. Nickel prices rose sharply today, Nickel Iron and Steel did not show any upward momentum, and the transaction price was basically the same as last week. And from the market feedback, there are still downside risks in the price. Under the premise of sufficient supply of ferronickel, the price of nickel ore is difficult to support the strength of the price of ferronickel.

3. On July 6, the cold and hot rolling of stainless steel 304 in Wuxi increased slightly, with the coiling price of rough edge of 304 hot rolling being 13400 RMB13600 / ton and that of hot rolling 12900Mel 13000 yuan / ton. Dachang trimmed 304 cold rolling slightly increased by 50 yuan / ton to 1390014000 yuan / ton. Today, the heavy rain in Wuxi has a certain impact on the shipment and arrival transportation of stainless steel. However, according to traders, since last week, the trading situation of stainless steel has improved slightly compared with June. On the one hand, the rise in futures contract prices has had a certain stimulating effect, on the other hand, because there is some procurement demand in the lower reaches at the beginning of the month, and there are new sources of goods in the market, specifications have been supplemented, and transactions have improved. Today, SHFE 10: 30 SS2009 contract price 13290 yuan / ton, Wuxi stainless steel spot water 280mur480 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)