Nickel: Water lift continues to bear pressure, while supply remains under pressure; Stainless steel - section oscillation operation

Yesterday, nickel prices rose 0.95% to 171860 yuan/ton. Under the resonance of low inventory patterns combined with news, nickel prices have gained support in terms of funding. However, from the perspective of fundamental margins, oversupply is gradually reflected in the upward shift of inventory center of gravity. Under the trend of loose supply, the spot premium continues to be under pressure, and Russian nickel has been discounted, further reflecting the difficulty of downstream demand to provide a driving force for nickel prices to rise. From the perspective of downstream stainless steel, yesterday's steel price rose by 0.25% to 15850 yuan/ton, which may maintain a narrow range of fluctuations in the short term. In the context of the release of supply elasticity, the stock situation of gold, silver, and ten is relatively lower than expected, and the marginal inventory of warehouse receipts continues to increase, putting pressure on the market. However, under the expectation of nickel iron or tight balance, the upward shift in the cost center of steel prices also provides strong support. It is expected that steel prices will fluctuate in a narrow range in the short term under a long short game pattern.