Since October 28, stainless steel futures prices have seen a sharp drop at a high level and fluctuated downward. On the first trading day of November (November 2), the closing price, highest price and lowest price of the main stainless steel contract were 13805 yuan/ton, 14200 yuan/ton and 13,805 yuan/ton respectively, which corresponded to the small peak on October 28 The prices of the products fell by 970 yuan/ton (a decrease of 6.57%), 725 yuan/ton (a decrease of 4.86%) and 305 yuan/ton (a decrease of 2.16%). After that, until mid-November, the stainless steel futures prices fluctuated and declined on the whole, but the downward trend slowed down, and even showed a slight upward trend during the weekend. As of 1 a.m. on November 14 (last Saturday), the closing price, highest price and lowest price of the main stainless steel contract have dropped to 13,635 yuan/ton, 13,700 yuan/ton and 13,510 yuan/ton, respectively, compared with their counterparts on November 2 The price decreased by 170 yuan/ton (1.23%), 500 yuan/ton (3.52%), and 295 yuan/ton (2.14%), but they increased by 1.07% and 1.56% respectively from the corresponding prices on the previous trading day And 0.15%.

In the spot market, the demand for stainless steel is still sluggish and there is no sign of improvement. In terms of resource supply, stainless steel production has risen steadily, inventory risks have increased, and prices have struggled to rise. Therefore, the author expects that stainless steel futures prices will continue to fluctuate and run weakly in the short term.

As domestic supply is tightening, nickel prices fluctuate upward. Since the beginning of November, Shanghai nickel prices have fluctuated upwards. On November 16 (Monday), Shanghai Nickel’s main 2102 contract opened at 118,600 yuan/ton, the highest intraday price was 120940 yuan/ton, the lowest was 118510 yuan/ton, the settlement price was 119760 yuan/ton, and the closing price was 120240 yuan/ton. The previous trading day rose 1120 yuan/ton, or 0.94%); the trading volume was 743,880 hands, and the open interest was 15,1593 hands. The closing prices of nickel 2103, nickel 2012, nickel 2101 and nickel 2104 were 120,260 yuan/ton (up 1.04%), 119,650 yuan/ton (up 0.89%), 120,040 yuan/ton (up 1.02%), and 120,300 yuan/ton. (Up 0.99%).

In the past half month, the closing price, highest price and lowest price of Shanghai nickel's main contract have increased by 4730 yuan/ton, 3300 yuan/ton and 3310 yuan/ton, respectively, by 4.09%, 2.81% and 2.87%.

In the spot market, the demand outlook for the nickel market is promising. Recently, Shanghai Nickel has maintained a high and volatile upward trend, and its overall performance has been more eye-catching. Due to tight market supply, nickel prices are strongly supported and may continue to fluctuate upward in the short term.