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Pay attention! Lun nickel rise again thousands, don't be confused, just to ship!
2023-04-06

1. The recovery momentum of the RMB exchange rate against the US dollar is strong 

Recently, the RMB exchange rate against the US dollar has rebounded strongly. Data from the China Foreign Exchange Trade System showed that the central parity rate of the renminbi (RMB) against the US dollar was 7.1907 on November 11, up 515 basis points from the previous value, the biggest one-day rise since May 24, 2022. From November 4 to November 11, the central parity rate of the RMB against the US dollar rose by a cumulative 648 basis points. 

2. Substantial support for slower Fed rate hikes 

After the Fed signalled a slower pace of rate rises, the market finally got a substantive case for a policy shift. The latest inflation data showed signs of slowing price pressures, prompting a sharp recovery in risk appetite. The dollar index and Treasury yields fell sharply on expectations of higher interest rates. 

【 Futures market express 】 

The US market is expected to slow the rate hike later, the metal market generally rose, Lun nickel is sharply up, overnight Lun nickel violence up 1370 closed at 27500 dollars/ton, the recent Lun nickel constantly refresh, perhaps after the high will be adjusted, we should pay attention to the risk down. 

Overnight stainless steel main rose 70 to close at 17015 yuan/ton, steel mills together strong price, superposition Lun nickel futures violence pull up, the market price showed a small and steady rise. 

[Foshan Market] 

Since the beginning of the month, when the spot price has fallen, there will be two reasons to support the price: the front disk floating red, steel mills strong price, but although so, want to ship the heart still does not change. In terms of price, 304 cold rolling is quoted at 16700-17000, 201 cold rolling is quoted at 9500-9700.

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