[2019.7.2 minutes of nickel internal morning meeting] the nickel internal and external disk continued to pull back during the spot discount period.

Macroscopically: the dollar index recovered slightly yesterday, and on Saturday, China and the United States resumed economic and trade talks on the basis of equality and mutual respect. The United States says it will no longer impose new tariffs on Chinese exports. The economic and trade teams of the two countries will discuss specific issues. Us President Donald Trump said talks with China were even better than expected and that negotiations with China would continue, which was undoubtedly an inspiration to the market. The dollar closed at 96.8282, up 0.65%.

Spot nickel market: July 1, SMM1# electrolytic nickel 99500 101800 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 600-500 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1000 yuan / ton. In early trading, prices rose sharply after falling back, fell to the 100000 level near the concussion concentrated transaction, Russian nickel general report discount 500yuan / ton, the transaction is limited. Individual traders reported a discount of 600 yuan / ton, which stimulated the transaction and was relatively active, but then due to the leakage of the disk, the spot shippers raised the quotation to 500 yuan / ton of discount. Jinchuan nickel basically rose 1000 yuan / ton, although the trading is light, but the holder has a strong willingness to lift water, No. 1 Jinchuan nickel supply is tight. The second trading period, the price continues to fluctuate near the 100000 pass, some wait and see downstream procurement, but the quantity is limited, Jinchuan nickel factory price is 99700 yuan / ton, but can be delivered Jinchuan nickel supply is less, this price for Electrodeposited nickel, the market is still traded by traders, the mainstream transaction at 99400 to 100800 yuan / ton. Afternoon nickel price narrow range shock, the market buying enthusiasm is not as good as in the morning, mainly wait and see, cautious procurement, trading all day than last week slightly improved, the mainstream transaction in 99400 100800 yuan / ton.

Nickel pig iron: according to SMM research, a southern steel mill this week high nickel iron inquiry price of 960 yuan / nickel point, to the plant including tax, the inquiry price is the same as last week, compared with the actual transaction price last week down 10 to 15 yuan / nickel point, the current buyers and sellers have differences on the price.

Stainless steel market: Qingshan 304narrow strip hot rolling price 13700 yuan / ton, quantity to be approved. It is up 400 yuan per ton from the opening price on June 17. Aoshan Hongwang re-open 201 cold rolling July futures price: J1 four-foot cold rolling sales guidance price of 8200 yuan / ton, 201J2 four-foot cold rolling sales guidance price of 7800 yuan / ton, month-on-month compared with the previous round of quotation is flat, the offer volume to be approved.

In terms of inventories: nickel stocks were 161700 tons on 1 July, a decrease of 3060 tons compared with 28 June.

Nickel price judgment: spot continues to discount, Russian nickel spot to Shanghai nickel 1908 discount range in 500 to 600 yuan, spot registered warehouse receipt delivery possibility increased. A large number of bulls took profits yesterday, the disk retreated sharply, and today the bulls continue to reduce their positions. Before the price difference structure is observed to change again and the bulls are rearranged to enter the market, the short-term or weak operation is observed.