Macro Favourable, But The Fundamentals Of Nickel Price Support Is Limited

The national two bureaus to extend the two financial support real estate market policy period, by this policy impact today's non-ferrous plate collective rally.

Fundamentals: supply side, some upstream traders took the initiative to adjust downward Russian nickel preminium, but by the disc is still at a high level, spot prices rose 2,400 yuan / tonne compared with yesterday, so the downstream demand has a certain reduction in the overall market turnover compared with yesterday's weakening.

In summary, the current macro news is favourable to the disc, but the downstream demand is affected by high nickel prices, it is expected that the subsequent nickel prices or will show a trend of oscillation.

Currently still need to pay attention to tomorrow night's announcement of the U.S. June unquartered CPI annual rate, if the published value is higher than the previous value of 4.0%, then it will be good for the U.S. dollar, bearish commodities.

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