Group 1: Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report Core Views - For the nickel variety, the refined nickel spot market is relatively sluggish with an oversupply situation. In the short - term, the price may be in a range of 120,000 - 123,000 yuan/ton, and the medium - to - long - term strategy is to sell on rallies for hedging [1][2][3]. - For the stainless steel variety, due to the decline in nickel - iron raw material prices, the cost support for stainless steel is weakening. In the short - term, it may continue to be weak and volatile, with a price range of 12,500 - 13,100 yuan/ton, and the medium - to - long - term strategy is also to sell on rallies for hedging [3][5]. 3. Summary by Related Catalogs Nickel Variety - Market Analysis - On June 5, 2025, the Shanghai nickel main contract 2507 opened at 122,200 yuan/ton and closed at 121,570 yuan/ton, a - 0.43% change from the previous trading day. The trading volume was 102,375 lots, and the open interest was 85,713 lots [1]. - The main contract showed a weak oscillation throughout the day, with a decrease in trading volume and a slight increase in open interest compared to the previous day. The short - term downward trend may be near the end. The spot market prices of mainstream brands decreased, and the spot trading was average with a slight decline in premiums [1][2]. - The previous trading day's Shanghai nickel warehouse receipts were 22,251 (- 48.0) tons, and LME nickel inventories were 200,724 (- 900) tons [2]. - Strategy - Short - term operations are recommended to be postponed to avoid systemic risks. The medium - to - long - term strategy is to sell on rallies for hedging. The short - term trading strategy is mainly range - bound operations, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Stainless Steel Variety - Market Analysis - On June 5, 2025, the stainless steel main contract 2507 opened at 12,665 yuan/ton and closed at 12,690 yuan/ton. The trading volume was 68,912 lots, and the open interest was 68,854 lots [3]. - The main contract weakened in the morning and stabilized after noon. The trading volume and open interest both decreased compared to the previous day. The short - term may find a stage low around 12,600 yuan/ton [3]. - In the spot market, most prices in the Foshan market were flat compared to the previous day, and the trading volume increased, but market confidence has not recovered. Nickel - iron prices are expected to remain stable in the short term [3]. - Strategy - Short - term operations are recommended to be postponed to avoid systemic risks. The medium - to - long - term strategy is to sell on rallies for hedging. The short - term trading strategy is neutral, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3][5].
镍不锈钢日报：现货价格维稳，关注宏观情绪影响-20250606
Hua Tai Qi Huo·2025-06-06 03:09