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Aug 12(LTIT) – In terms of the trading in the morning, due to the rebound of the US dollar, non-ferrous metals fell across the board. Russian vaccine news and good PPI data in the United States both promoted the risk appetite to rise and suppressed metal prices. As for nickel, as of 10: 30 today, the main contract of Shanghai nickel was reported at 111,100 yuan/ton in 2010, a decrease of 2%. According to institutional analysis, the current performance of fundamentals can support the stabilization and recovery of Shanghai nickel over 110,000 yuan. China's stainless steel production is at a high level, and nickel spot starts to tighten due to the reduction of imports. After the sharp drop, there may be some room for upward repair. It is estimated that Shanghai nickel will be 110,000-115,000 yuan/ton this week, and LME nickel will be 14,000-14,400 dollars/ton. (For reference only) |
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