Nickel: Oversupply And Multiple Games

Today's Shanghai nickel main 2311 contract latest reported 149530 yuan / tonne, down 1500 yuan / tonne; down 0.99%, during the day Shanghai nickel first rise and then suppressed; from the macro face analysis, October 17, the U.S. Department of Commerce released September retail sales data exceeded the market expectations, so that the Federal Reserve to maintain high interest rates for a longer period of time to the expectations of the re-emergence of warming the U.S. dollar shock, the situation in the Middle East is volatile, investor nervousness! Sentiment is high, the domestic market, the latest economic single came out, three quarters of domestic GDP growth of 5.2%, the economic recovery stabilisation and good trend continues to inject new vitality into the market, the macro face of the multi-party game, nickel prices are under pressure to perform weak, the supply side of the regenerative end of the matter, Indonesia will not be issued within the year a new mining quotas, nickel ore long-term supply is expected to produce market disturbances, the market pessimism spreads, nickel ore prices are under pressure Down, overseas high ice nickel to nickel pig iron, ferronickel prices down, electrolytic nickel profit margins gradually narrowed, Indonesia and domestic new nickel production line put into production, the supply of loose situation continues to increase pressure on nickel prices, but the spot transaction performance is poor, traders reflect the temporary no deal, Shanghai nickel narrow range oscillation is mainly expected to short-term nickel prices continue to be weak oscillation.
[Source - Changjiang non-ferrous network].