Daily Report 230117
Nickel
Last week Nickel market was weak. Nickel price dropped with stress. Last week LME Nickel inventory slightly increased, weekly 162 tons. LME Nickel actuals maintains discount situation. Last week average discount is discount $50. From a technical point of view, last week, Nickel price rolled back with stress, taking into account the Spring Festival holiday is approaching, the holiday period will release China PMI, the US employment data and other important macroeconomic data, and the Fed will also announce interest rate decision. The market risk is high; do not recommend hold positions during the New Year.
 
Copper
Last week copper market was weak. Copper price rolled back to 5-weeks average line. Last week LME inventory continued decreasing, weekly decreased 116000 tons. LME actuals discount is still much; last week average discount is $24.7. From a technical point of view, last week, copper rolled back with stress, taking into account the Spring Festival holiday is approaching, the holiday period will release China PMI, the US employment data and other important macroeconomic data, and the Fed will also announce interest rate decision. The market risk is high; do not recommend hold positions during the New Year.
 
Soybean
Domestically, DCE soybean rallied following US sections. It’s under the channel of rally, but the market tendency before Spring festival is slowing down. Actuals side, since it’s before festival, Northeast China districts soybean price is stable. Heilongjiang and Inner Mongolia purchasing price is RMB 3800-3900/ton. As for operation, soybean meal meets support at 2800, and recommend long position.                                                                 
                                                                                               Dong LV (Investment Certificate NO. TZ008452)