Nickel and stainless steel short-term shock adjustment

On the London Metal Exchange (LME) on Wednesday, nickel prices opened slightly higher, and today’s opening price was $23,800.

Macro aspects:
US consumer loans in September were $24.976 billion, expected to be $30 billion, and the previous value was $322.41. U.S.
Red Book commercial retail sales increased by 7.6% year-on-year, compared with a 9.7% increase in the previous value.
Retail sales in the euro zone rose 0.4% in September, compared with expectations for a 0.4% increase; the annual rate fell 0.6%, compared with expectations for a 1.3% decline.

On Wednesday, the main contract of Shanghai Nickel 2212 on the Shanghai Futures Exchange closed in positive territory.
The opening price was 192,780 yuan, the lowest was 190,100 yuan, the highest was 194,200 yuan, and the final closing price was 192,980 yuan, an increase of 1.55% compared with the closing price of the previous trading day.
The open interest was 79,174 lots, with a daily increase of 2,710 lots; the trading volume was 99,934.
Technically, the mainstream positions of Shanghai nickel’s main 2212 contract have increased, and it is recommended to wait and see for the time being.

On Wednesday, the Shanghai SS stainless steel 2212 main contract on the Shanghai Futures Exchange closed slightly in the positive market.
It opened at 16,535 yuan, the lowest was 16,350 yuan, the highest was 16,605 yuan, and finally closed at 16,455 yuan, an increase of 0.18% from the previous closing.
The open interest was 56013, with a daily decrease of 2499 lots; the trading volume was 107892 lots.
Technically, the main stainless steel 2212 contract will shrink and lighten up short positions temporarily. It is recommended to wait and see or operate in the wet storage range.