Last Friday, the three major U.S. stock indexes rose across the board, and most futures rose. The Dow rose 0.5%, the S&P rose 0.99%, and the Nasdaq rose 1.9%; U.S. crude oil rose 0.72%; colored copper rose 1 .45% ; Nickel rose by US$545 to US$22,300/ton, with 150,293 lots held, 2,211 lots traded, and 37,542 tons in stock; 8 lots held, 97,538 lots traded, and 1,676 tons in stock.
Most LME metals rose, nickel mines at domesitc and abroad markets were flat, and ferronickel prices were flat. The U.S. dollar index fluctuated and rebounded, the hype on the purchase and storage of ferronickel gradually faded, and the price of nickel and stainless steel was under pressure. The current dominant inventory of refined nickel is still at a historically low level. With the introduction of domestic support policies for new energy vehicles going to the countryside, the growth of new energy consumption is expected to support nickel consumption in the second half of the year. However, in the medium and long term, there is pressure on the increase in nickel supply, more pure nickel and high-nickel products have added new production capacity, and structural excess pressure is prominent. Under the long-short game, the short-term price fluctuates mainly.
In terms of stainless steel, the price this morning was flat compared with last Friday's quotation. With the turmoil of purchasing and storage temporarily coming to an end, the price of stainless steel fell from a high level and the spot price fluctuated and weakened. The purchase price of ferronickel in steel mills also fell to around 1085 yuan/nickel, and the cost support band moved down.
On the whole, stainless steel futures prices rebounded and fell, downstream demand has not yet been released significantly, market transactions have returned to light, 304 spot prices have moved down, superimposed supply pressure still exists, and short-ter m stainless steel prices are expected to be weak and volatile.
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