Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - For the nickel market, the supply surplus situation persists, and the short - term operation is recommended to be postponed. The medium - and long - term strategy is to sell and hedge at high prices. The expected trading range is between 117,000 - 118,000 and 122,000 - 123,000 [1][2]. - For the stainless steel market, the market confidence is insufficient, and the short - term operation is also recommended to be postponed. The medium - and long - term strategy is to sell and hedge at high prices. The expected trading range is between 124,000 - 125,000 and 130,000 - 131,000 [3][4]. 3. Summary by Related Catalogs Nickel Variety - Market Analysis - On July 17, 2025, the Shanghai nickel main contract 2508 opened at 119,700 yuan/ton and closed at 119,880 yuan/ton, a change of - 0.60% from the previous trading day. The trading volume was 85,829 lots, and the open interest was 53,426 lots. The trading volume decreased significantly, and the open interest decreased slightly compared with the previous trading day. The short - term callback demand exists, and the 117,000 level is estimated to be a strong support in the medium and long term [1]. - In the spot market, the prices of mainstream brands decreased. The premium of Jinchuan nickel changed by 50 yuan/ton to 2,050 yuan/ton, the premium of imported nickel remained at 350 yuan/ton, and the premium of nickel beans was 0 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 20,958 (- 91.0) tons, and the LME nickel inventory was 207,282 (- 6) tons [1]. - Strategy - The short - term operation is recommended to be postponed. The medium - and long - term strategy is to sell and hedge at high prices. The expected trading range is between 117,000 - 118,000 and 122,000 - 123,000. The strategy for single - side trading is mainly range - bound operation, and there are no strategies for inter - period, cross - variety, spot - futures, and options trading [2]. Stainless Steel Variety - Market Analysis - On July 17, 2025, the stainless steel main contract 2508 opened at 12,690 yuan/ton and closed at 12,730 yuan/ton. The trading volume was 152,176 lots, and the open interest was 104,645 lots. The trading volume of the 09 contract was basically flat, and the open interest increased slightly compared with the previous trading day. The pressure levels are around 12,700 and 13,100, and the 12,400 level is estimated to be a strong support in the medium and long term [2][3]. - In the spot market, most merchants' quotes in the Foshan market were flat in the morning, and hot - rolled merchants raised their quotes after the lunch break. The spot trading volume did not recover well, and market confidence was still insufficient. The nickel - iron price is expected to be weak in the short term. The stainless steel prices in Wuxi and Foshan markets were 12,750 yuan/ton, and the 304/2B premium was 180 - 380 yuan/ton [3]. - Strategy - The short - term operation is recommended to be postponed. The medium - and long - term strategy is to sell and hedge at high prices. The expected trading range is between 124,000 - 125,000 and 130,000 - 131,000. The single - side trading strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].
新能源及有色金属日报：沪镍弱势震荡，现货升贴水相对平稳-20250718
Hua Tai Qi Huo·2025-07-18 02:49