Nickel prices fell sharply, and spot transactions have improved

Nickel varieties：

Nickel prices fell sharply yesterday, last Friday night Powell hawkish comments to the collective pressure on non-ferrous metals, but nickel prices weakened, the downstream just need to enter the purchase, the transaction appeared a certain improvement, spot premium slightly up. Nickel sulfate prices have risen slightly recently, but because of the supply of intermediate products is relatively abundant, the market expectations for nickel sulfate prices are still pessimistic.

Ni point of view:

Nickel line supply and demand empty, the second half of the direction to empty treatment. But the global refined nickel inventories are still low, long-term negative and low inventory status quo contradiction stalemate, nickel prices short-term or maintain a volatile trend. Due to the pessimistic expectation of supply and demand in the nickel line, after the nickel price continued to rebound, the downstream consumption was depressed, and the ratio of refined nickel returned to a historical high compared with other links in the industrial chain, and the nickel price had a certain overestimate.

Nickel strategy:

neutral. Short-term neutral, the middle line supply and demand is empty.

Key points of nickel concern:

Refined nickel inventory warehouse receipt, macro policy, high ice nickel and wet production capacity progress, major nickel supplier policy.