[ATTACH]

First 111 Last

Share
Profile

Follow
kates9999

14,254 Posts.

323

15/01/19

13:12

Post #: 37119081
Share

Originally posted by ivan7 ↑

FYI,
LIVE FUTURES REPORT 14/01: SHFE base metal prices broadly down; nickel supported
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Monday January 14, with weakness in US equity markets last Friday denting investors’ risk appetite.
Tin and nickel shrugged off the weakness experienced by their peers in the early session on Monday, rising by 0.5% and 0.6% respectively. Nickel has found support against a backdrop of tightening supply.

Reports of nickel projects in Indonesia and China’s Qinhai province being postponed due to financial difficulties along with growing demand for ferro-nickel from the Chinese stainless steel industry have fueled expectations of tightening supply of nickel.

“The higher price of recycled stainless steel has made Chinese stainless steel refineries turn to ferro-nickel for their raw material needs instead. In addition, new nickel projects are reportedly having difficulties, which also generated some bullish sentiment in the market,” a nickel analyst based in Beijing said.

At the same time, SHFE nickel stocks continue to slowly decline; nickel stocks at SHFE-approved warehouses fell by 415 tonnes to 14,466 tonnes in the week ended January 11. This is down 74.7% from year-ago levels.

The most-traded May nickel contract rose to 92,280 yuan ($13,645) per tonne as at 10.32am Shanghai time, up by 560 yuan per tonne from last Friday’s closing price.

Elsewhere, copper was the biggest loser this morning with the red metal pressured by a firmer US currency compared with recent days.

The dollar index stood at 95.56 as at 10.31am Shanghai time, up from 95.43 at roughly the same time last Friday. The index had fallen as low as 95.03 on January 10.

“Right now, not too much news from the market. Deals would have more influence on copper price which is being dragged down by the stronger dollar index,” a copper analyst in Shanghai.

Expand

SGQ Price at posting: 15.0¢ Sentiment: None Disclosure: Held
10 Upvote

0 Great analysis

Reply

Top Stories

CXM

'Taking money from the market': Garbage giant cleans up as this week's Hot Stock tip

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

There are more pages in this discussion • 115 more messages in this thread...

First 111 Last

Add SGQ (ASX) to my watchlist

(20min delay)
Last 2.5¢		Change 0.000(0.00%)		Mkt cap ! $32.65M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

SGQ (ASX) Chart

Day chart unavailable

[ATTACH]

Top Stories

'Taking money from the market': Garbage giant cleans up as this week's Hot Stock tip

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up