On Tuesday, Shanghai nickel opened lower after opening lower. As of the close, Shanghai Nickel 1509 contract was quoted at 82,740 yuan/ton, down 1.25% from the previous trading day. The gap was not recovered. The highest in the day was 83,420 yuan/ton, the lowest was 81,150 yuan/ton. , the transaction of 595,000...
After the Shanghai nickel opened lower on Tuesday, it rose sharply. At the close, the Shanghai nickel 1509 contract was 82,740 yuan/ton, down 1.25% from the previous trading day. The gap was not recovered, and the highest in the day was 83,420 yuan/ton, the lowest was 81,150 yuan/ton. The transaction was 595,000 lots and the position was 178,000 hands. Analysts believe that the weak part of the non-ferrous market in the past two days is being suppressed by macro data. The latest data shows that in the first half of the year, the total profit of industrial enterprises above designated size was 2,844.18 billion yuan, down 0.7% year-on-year; the total profit in June was 588.57 billion yuan, down 0.3% year-on-year.
Due to concerns about the demand for industrial metals in China, overnight nickel fell below $11,000/ton, and technical indicators diverge downward.
In the spot market, the decline in nickel prices is normal, the market supply is sufficient, the downstream purchase intention is still not strong, and stainless steel enterprises are still in a state of reduced production. The decline in stainless steel prices in July continued. Fubao Information reported on July 28th that the nickel futures fell, and the spot merchants lowered the offer of nickel plates. On Tuesday, Shanghai spot market Jinchuan Nickel reported around 82,700 yuan/ton, and Russian nickel reported near 81,800 yuan/ton. “Some merchants replenish their stocks on a dip, the volume is not large, the terminal is relatively quiet, and the overall turnover of the nickel market is average.â€
In terms of import and export, according to Reuters, the scale of China's imports of refined metals in other countries in the first half of this year has shrunk dramatically. Since the financial demand for metal as a collateral for loans has been greatly reduced since the middle of last year, and the general economic slowdown in China, the demand for manufacturing has also been weak. Nickel is an exception.
Data show that in the first six months of 2015, net imports of refined nickel more than doubled to 78,100 tons. Among them, 38,800 tons were imported in June, the third highest monthly record since June 2009 and July.
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