Yesterday, the London metal market was closed, with both domestic and international nickel ore prices remaining stable, as did the prices for nickel iron. In the U.S. stock market, all three major indices saw gains: the Dow Jones Industrial Average increased by 0.46%, the S&P 500 by 1.03%, and the Nasdaq Composite by 1.19%. U.S. crude oil prices rose by 0.74%.
In the futures market, the main contract for Shanghai nickel rose by 1,910 yuan to 146,100 yuan per ton, with open interest at 92,389 hands and trading volume at 99,684 hands, and inventories standing at 19,615 tons.
Due to the holiday, there were no significant changes in the industrial fundamentals. With positive expectations for new energy demand, downstream users bought on dips, avoiding high prices, thus overall demand for nickel grew. However, the increase in demand is still not keeping pace with the growth in supply due to new nickel production capacities being added. Nickel prices are expected to fluctuate broadly in the short term.
Overall, the market transaction volume decreased during the holiday, while delivery resources remained normal, and inventories might accumulate slightly this week. The current market sentiment is cautious, and a slight increase in costs supports price levels. As domestic macroeconomic positives gradually emerge and real estate stocks rise, futures commodity sentiment is buoyed. The price of 304 cold-rolled spot is expected to operate with fluctuations in the short term, with a focus on market transactions and inventory digestion.
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