Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For the nickel market, with increasing expectations of interest rate cuts, a weakening US dollar index, and the EU expanding military spending, market sentiment has improved, but the oversupply situation of refined nickel remains unchanged. It is expected to oscillate and rebound in the near term, and the medium - to long - term strategy is to sell on rallies for hedging [3]. - For the stainless steel market, steel mills are reducing production, and the price has rebounded from the bottom. However, the oversupply situation persists. It is expected to trade in a range in the near term, and the medium - to long - term strategy is also to sell on rallies for hedging [6]. 3. Summary by Related Catalogs Nickel Variety - Market Analysis: On June 26, 2025, the main nickel contract 2507 opened at 118,950 yuan/ton and closed at 120,830 yuan/ton, a 2.33% change from the previous trading day. The trading volume was 150,555 lots, and the open interest was 80,909 lots. The contract showed an upward trend with increased trading volume and decreased open interest. The spot prices of nickel increased, and the warehouse receipts and inventory decreased. Factors such as the cease - fire agreement between Israel and Iran, the issuance of a financial support policy, increasing interest rate cut expectations, a weakening US dollar index, and the EU's military spending expansion contributed to the price rebound [1][2]. - Strategy: In the near term, expect an oscillating rebound. The medium - to long - term strategy is to sell on rallies for hedging. For trading strategies, focus on range trading for the single - side, and there are no suggestions for inter - term, inter - variety, spot - futures, and options trading [3]. Stainless Steel Variety - Market Analysis: On June 26, 2025, the main stainless steel contract 2508 opened at 12,490 yuan/ton and closed at 12,635 yuan/ton. The trading volume increased significantly, and the open interest decreased significantly. Philippine mine quotes remained firm, but shipping efficiency was affected by rain. Nickel - iron transactions reached a new low, and the shortage of Indonesian nickel ore supply was alleviated by local smelter production cuts. The 300 - series stainless steel cold - rolled products saw obvious inventory reduction. The spot market prices were stable, with some fluctuations in trading volume [3][4]. - Strategy: In the near term, expect range - bound trading. The medium - to long - term strategy is to sell on rallies for hedging. For trading strategies, take a neutral stance for the single - side, and there are no suggestions for inter - term, inter - variety, spot - futures, and options trading [6].
新能源及有色金属日报：美元指数走弱，镍价小幅回升-20250627
Hua Tai Qi Huo·2025-06-27 05:11