Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - Nickel: The recent market sentiment for refined nickel has cooled, and the supply surplus situation persists. The medium - to long - term strong support level for Shanghai nickel is estimated to be around 117,000 yuan/ton, and the short - term trading range is expected to be between 117,000 - 118,000 yuan/ton (lower limit) and 123,000 - 125,000 yuan/ton (upper limit) [2][3]. - Stainless Steel: The stainless steel market shows a relatively strong oscillation. The short - term pressure level is around 13,100 yuan/ton, and the medium - to long - term strong support level is estimated to be around 12,400 yuan/ton. The short - term trading range is expected to be between 12,400 - 12,500 yuan/ton (lower limit) and 13,100 yuan/ton (upper limit) [4][6]. 3. Summary by Related Catalogs Nickel - Market Analysis - On July 29, 2025, the main contract 2508 of Shanghai nickel opened at 121,910 yuan/ton and closed at 121,800 yuan/ton, a change of - 0.85% from the previous trading day's closing price. The trading volume was 119,935 lots, and the open interest was 91,177 lots [1]. - The main contract 2509 of Shanghai nickel continued its weak oscillation. The trading volume decreased significantly compared to the previous trading day, and the open interest decreased slightly. The red column area of the daily MACD continued to narrow, indicating a weakening upward momentum in the short term. The spot market prices of mainstream brands, including Jinchuan nickel, decreased. The supply surplus situation in the refined nickel market remains unchanged, and the spot price provides support for the futures price. The previous trading day's Shanghai nickel warehouse receipts were 21,880 (- 73.0) tons, and the LME nickel inventory was 204,912 ( + 876) tons [2]. - Strategy - Short - term trading should focus on range operations. For single - side trading, range operations are the main strategy, while there are no suggestions for inter - period, inter - variety, spot - futures, and options trading [3]. Stainless Steel - Market Analysis - On July 29, 2025, the main contract 2508 of stainless steel opened at 12,935 yuan/ton and closed at 12,920 yuan/ton. The trading volume was 138,761 lots, and the open interest was 103,270 lots [3]. - The main contract of stainless steel showed a relatively strong oscillation. The trading volume of the 09 contract decreased significantly compared to the previous trading day, and the open interest decreased slightly. The red column area of the daily MACD continued to narrow, and the resistance above 13,100 yuan/ton was evident. In the spot market, most merchants' quotes in the Foshan market were flat compared to the previous trading day, and the downstream purchasing willingness was insufficient. The nickel - iron market price decreased slightly, and it is expected to remain stable in the short term [4]. - Strategy - Short - term trading should focus on range operations. The single - side trading strategy is neutral, and there are no suggestions for inter - period, inter - variety, spot - futures, and options trading [6].
现货交投好转，沪镍维稳运行
Hua Tai Qi Huo·2025-07-30 02:50