[minutes of SMM Morning meeting] Nickel in Shanghai is up the 110000 mark and the spot transaction is less affected by the high level of nickel during the period.

Nickel price judgment: at present, there is no obvious negative and positive appearance in the fundamentals, and the operation is stable. Nickel futures high, spot pure nickel trading light; mine shortage continues, the market price has no market; nickel iron supply and demand temporarily maintain a relatively balanced state, market prices stable operation; stainless steel futures slightly stimulate spot prices, market transactions are general. There are no bright spots in the fundamentals, but the current macro-positive, a large number of capital inflows, the Shanghai nickel market rose to the 110000 mark yesterday, today we need to guard against the high correction of nickel, but at present this position is not too bearish. It is estimated that today's range of Shanghai Nickel is 107500 won 110,000 yuan per ton, 13,300 U.S. dollars per ton.

1. Yesterday, SMM1 Electrolytic Nickel quoted price 107100murf 108200 yuan / ton. Nickel futures high shock, 08 contract in the afternoon more than 108000 yuan / ton, nickel prices higher to continue to curb spot trading. In terms of discount, Russo Nickel to Shanghai Nickel was overquoted at about 500 yuan / ton, while individual holders were less willing to ship goods, with a sticker of 400 yuan / ton, waiting for a change of month after the delivery date, and the overall turnover of Russo Nickel was weak yesterday. Jinchuan Nickel to Shanghai Nickel 2008 contract rose 300 won 400 yuan / ton, due to Shengshui maintained at a low level, the market trading volume is better than Russo Nickel, Jinchuan Company Shanghai ex-factory price of 108000 yuan / ton, Gansu area 107550 yuan / ton, manufacturers continue to actively ship, traders in

2. Yesterday, the ex-factory price of SMM high nickel pig iron was 960mur965 yuan / nickel point (including factory tax), which was the same as the average price of the previous trading day. Pure nickel rose sharply again yesterday, high nickel pig iron than pure nickel discount expanded to 110 yuan / nickel point, double the 50 yuan / nickel point at the beginning of the month, nickel prices continued to rise ferronickel prices are still running smoothly, the gradually expanding discount failed to stimulate market buying sentiment, steel mills are cautious in purchasing, although the price sentiment of consignors has strengthened along with the rise in nickel prices, due to the financial pressure of some manufacturers, the price can still be traded.

3. Yesterday, the price of stainless steel cold rolling in Wuxi was flat, with 304 cold rolling at 13450 RMB13650 / ton; 304 hot rolling today was slightly higher than last Friday by 50 RMB / t, and the merchants said it was a normal adjustment of 12950Muth13050 RMB / tonne. At present, the spot price of stainless steel is stable as a whole, and the price of stainless steel futures contract and the price of nickel have increased slightly in the early stage, but at present, when the demand is weak, the price is still stable. Stainless steel futures contract prices strengthened yesterday, compared with the current spot has been a small rise. Yesterday, SHFE 10: 30 SS2009 contract price of 13650 yuan / ton, Wuxi stainless steel spot Shengshui-30 muri 170 yuan / ton. (spot trimming = rough edge + 170 yuan / ton) Shanghai and Gansu have received goods. Nickel beans to Shanghai Nickel 2008 contract quoted price of 1500 yuan / ton.