Daily Report 190717 2017-07-19
Nickel
Overnight LME Nickel closed at 9730; increased 110. Inventory was 373968 tons, increased 762 tons. Trading volume was 8126, decreased 3856. The price margin of Shanghai Nickel 1709 and 1801 increased. After Nickel import window opens, domestic Nickel supply increases. Russian Nickel discount slightly increased. Short-term we recommend hold long position, but with limited positions. Do reserve operating when stainless steel consumption is feeble or specific reserve tendency.
 
Copper
Tuesday Copper market trading vitality obviously declined. Copper price fluctuated at high position. LME inventory yesterday decreased 1850 tons to 307000 tons. LME actuals discount enlarged $8.5 to discount $33.5. Industry side, BHP copper forth season output was 387000 tons; a little higher than the expected 383000 tons. The expected 2018 copper output increases 7% year-on-year. Totally, previous domestic macro-economy data is better than expected, which promotes market bullish enthusiasm. Copper price also increased following ferrous metal. Considering previous explicit inventory turning into invisible, and financial regulation is still strict, copper price still meets all kinds of risk.
 
                                                                      Dong LV (Investment Certificate NO. TZ008452)