Yesterday, the three major indexes of U.S. stocks fell across the board, with futures mixed, with the Dow down 0.54%, the S&P down 0.7%, and the Nasdaq down 1.17%; U.S. crude oil rose 1.57%; Colored copper rose 0.32%; London nickel fell $335 to $20,500/ton, holding 149,670 lots, trading 4,159 lots, and inventory of 36,948 tons; The main contract of Shanghai nickel fell 1250 yuan to 164150 yuan / ton, holding 71618 lots, trading 69752 lots, and inventory 2296 tons;
London metals exchange(LME) were mixed, with domestic and foreign nickel mines flat, and ferronickel prices flat. At present, the explicit inventory of refined nickel is still at a historical low, which has some support for nickel prices, but downstream alloy companies take a wait-and-see attitude towards high nickel prices and purchase decreases. In the medium and long term, the pressure on nickel supply growth remains, and the new production capacity of domestic pure nickel and Indonesian high-nickel products is more, resulting in the risk of structural oversupply. In the short term, prices may fluctuate sharply, mainly in a wide range.
On the whole, the current steel mill orders have improved, the production schedule has remained high, and the strong operation of raw material prices has strengthened the support for stainless steel costs. Coupled with the current macro atmosphere is good, supported by peak season demand expectations, the market purchasing mentality is expected to improve, the center of gravity of stainless steel prices is rising, and the market purchasing rhythm is concerned.
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