Home Business Tracking the trend of the outer market and the news of the Indonesian taxation, Shanghai nickel fluctuates strongly | Nickel_Sina Finance_Sina.com

Tracking the trend of the outer market and the news of the Indonesian taxation, Shanghai nickel fluctuates strongly | Nickel_Sina Finance_Sina.com

by admin
Tracking the trend of the outer market and the news of the Indonesian taxation, Shanghai nickel fluctuates strongly | Nickel_Sina Finance_Sina.com

Source: GF Futures Author: GF Futures

The text of the research report

[Spot]On November 14, the average price of SMM1# electrolytic nickel was reported at 203,200 yuan/ton, compared with -5,100 yuan/ton. The average price of Jinchuan nickel was reported at 204,050 yuan/ton, compared with -5,000 yuan/ton; the basis difference was 3,850 yuan/ton, and the chain was +300 yuan/ton. The average price of imported nickel was reported at 202,350 yuan/ton, compared with -5,250 yuan/ton; the basis difference was 2,150 yuan/ton, and the chain was +50 yuan/ton.

[Supply]The rainy season in the Philippines is coming, and the price of mines is firm. Short-term resources of ferronickel are tight, and prices are rising. MHP is still the preferred raw material for nickel sulfate production, and the transaction coefficient has moved up. The output of refined nickel increased steadily. According to SMM, the national electrolytic nickel output in October totaled 15,400 tons, an increase of 0.1% month-on-month and a year-on-year increase of 6.2%; the output in November is expected to be 15,500 tons, a month-on-month increase of 0.6% and a year-on-year increase of 1.8%.

[Demand]The demand for alloys is improving and the tolerance for nickel prices is high; the price of nickel sulfate is strong, and the self-dissolving of nickel beans is easy to repair profits after the price of nickel falls. The overseas spot is at a deep discount, indicating that overseas demand is poor. According to SMM, China‘s output of ternary precursors in October was 91,143 tons, an increase of 3% month-on-month and a year-on-year increase of 58%. According to Mysteel, the output of 300 series crude steel of 40 domestic stainless steel plants in October was 1.6512 million tons, an increase of 17.22% month-on-month and a year-on-year increase of 25.63%.

See also  Amber Group Receives SOC 2 Type II Compliance Attestation, Setting Security and Compliance Standards for the Digital Asset Industry

[Inventory]On November 11, the social inventory of SMM pure nickel in six places was 8,427 tons, an increase of 1,129 tons from the previous week. SHFE electrolytic nickel inventory was 4,634 tons, an increase of 1,575 tons week-on-week. LME inventory was 50,304 tons, down 1,104 tons from the previous week.

[Logic]In the early stage of macroeconomics, the bullishness will be realized in a concentrated manner, and more attention will be paid to the marginal changes in the follow-up. The structural contradiction between the surplus of secondary nickel and the low level of pure nickel inventory still exists, the demand for alloys is improving, the consumption of new energy vehicles drives the price of nickel sulfate to firm, and the economic line of nickel bean autolysis is the bottom line for nickel prices. The import window was closed, but the imported goods with locked prices in the early stage arrived in a concentrated manner, and the high price obviously inhibited the spot transaction. Tracking the trend of the outer market and the news of Indonesia’s taxation, we will treat it with a strong thinking and focus on the upward space of 200,000 yuan / ton.

【Operation suggestion】Temporarily wait and see.

【Short-term view】More cautious.

Disclaimer: The information in this report is sourced from publicly available information that GF Futures Co., Ltd. believes to be reliable, but GF Futures does not make any guarantees for the accuracy and completeness of such information. In any case, the content of the report is for reference only, and the information or opinions expressed in the report do not constitute a bid or inquiry for the purchase or sale of the mentioned varieties. Investors invest accordingly at their own risk. The final ownership of this report belongs to the source organization of the report. After receiving this report, the client shall follow the copyright regulations of the report source organization and shall not publish or forward it.

See also  The market generally reflects that the transaction is weak and it is expected that the nickel price will maintain a wide range of shocks.

Sina Cooperation Platform Futures Account Opening is Safe, Fast and Guaranteed


Sina Statement: This news is reproduced from Sina’s cooperative media. Sina.com publishes this article for the purpose of conveying more information, and does not mean agreeing with its views or confirming its description. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.

Massive information, accurate interpretation, all in Sina Finance APP

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy