freepinball| The Shanghai nickel 2406 contract fell slightly by 0.29%. Spot prices in the nickel market fluctuated, and market purchases and sales were active

News summary

Shanghai nickel futures 'main 2406 contract fell 0.0% todayfreepinball.29%freepinball, the closing price is 152780 yuan/ton. The average price of spot 1 #nickel in the Yangtze River was 156700 yuan/ton, up 550 yuan month-on-month. The minutes of the Federal Reserve meeting boosted the US dollar, and spot inquiries in the nickel market were active. Nickel prices are expected to weaken after a narrow range in the short term.

Newsletter text

[Shanghai nickel futures fell slightly by 0.29% in afternoon trading] During today's afternoon trading session, Shanghai nickel futures fell slightly. The opening price of the main monthly 2406 contract for Shanghai nickel futures was 151510 yuan/ton, and the intraday high reached 153840 yuan/ton. It dropped to the lowest price of 150530 yuan/ton, and finally closed at 152780 yuan/ton, down 440 yuan from the previous trading day, a decrease of 0.29%. The trading volume of the main monthly 2406 contracts for Shanghai nickel futures was 170966 lots.

Statistics show that on May 24, the Yangtze River Comprehensive No. 1 nickel price range was 151250 yuan to 153850 yuan/ton, and the average price was 152550 yuan/ton, down 200 yuan from the previous day. The price range of spot 1 #nickel in the Yangtze River is 156100 yuan to 157300 yuan/ton, and the average price is 156700 yuan/ton, an increase of 550 yuan. The price range of spot nickel in Guangdong is 151850 yuan to 153250 yuan/ton, and the average price is 152550 yuan/ton, a decrease of 200 yuan.

At the macro level, the minutes of the Federal Reserve meeting showed a hawkish tendency, pushing the US dollar index to rise rapidly. The U.S. corporate activity index rose to a new high in more than two years in May, with a clear growth trend. Bulls in the commodity futures market chose to leave the market profit-making after experiencing continuous gains. On the supply side, New Caledonia has been experiencing constant conflicts recently, and nickel processing plants and mines have been affected by operations. The price of ferronickel at the cost side remains strong. Despite macro pressure, downstream inquiry activity has increased, and the market's willingness to purchase has gradually warmed up. Near the weekend, spot trading enthusiasm is increasing, which may support nickel prices.

Regarding the short-term trend of the nickel market, analysts suggest that investors should pay attention to market dynamics and properly seize the opportunity to go long on dips. Current forecasts show that nickel prices may show a downward trend after experiencing small shocks in the short term. It should be pointed out that this view is for reference only and does not serve as a guide for actual transactions.