The three major indexes of U.S. stocks were mixed yesterday, futures were mixed, with the Dow up 0.2%, the S&P down 0.27%, and the Nasdaq down 0.43%; U.S. crude rose 0.45%; Serren copper fell 2.26%; London nickel fell $70 to $22,235/ton, holding 102562 lots, trading 3,731 lots, and inventory of 37,512 tons; The main contract of Shanghai nickel rose 20 yuan to 172240 yuan / ton, holding 84511 lots, trading 78513 lots, and inventory 1721 tons.
LME metal fell across the board, domestic and foreign nickel mines were flat, and ferronickel prices fell. The rebound trend of the US dollar index is obvious, the speculation about ferronickel gradually subsides, and the prices of nickel and stainless steel are under pressure. At present, the explicit inventory of refined nickel is still at a historical low, and the domestic policy of sending new energy vehicles to the countryside has been introduced, and the consumption of new energy vehicles is expected to increase significantly. This supported nickel demand in the second half of the year. However, in the medium to long term, pressure to grow nickel supply remains. The high amount of new capacity added to pure nickel and high-nickel products has led to an increased risk of structural oversupply. In the short term, prices may fluctuate sharply, mainly in a wide range.
Overall, the current market supply pressure exists, due to the recovery of production of Delong Xiangshui base, superimposed on the production of Liyang steelmaking project, Delong cold and hot rolled sub-shipments in Wuxi area have basically recovered to a sufficient level, Tsingshan resources are about to arrive, stainless steel prices around the cost line oscillation. However, under the support of peak season expectations, the market buying mentality gradually improved, at the same time, the hot and cold price difference was high, and the rolling profit appeared to form a certain support for the hot rolling price, and the downstream demand changes and the market arrival rhythm were paid attention to in the later stage.
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