On June 1, Shanghai Nickel rebounded after opening lower overnight, and the market was active. China’s economic data continued to be sluggish, and market sentiment was generally cautious.
In terms of spot goods, Jinchuan Shengshui is 8,500 yuan, and Russo Nickel’s water is only 1,000 yuan for the June contract, showing that the overall spot supply is not tight.
The quotation of high-nickel pig iron was revised down sharply to 1088 yuan per nickel point, and the loose supply side weakened the price support. Since the increase in production in May was lower than expected, the raw material inventory of steel mills is relatively sufficient, the proportion of external procurement has decreased, and the excess supply is still a major contradiction.
Downstream steel mills have not concentrated their goods, but the price of stainless steel continues to run steadily and weakly under the weak demand.
From a technical point of view, nickel prices have once again reached their previous lows and will still run weakly.
