短期基本面数据：镍全球库存增速放缓◆ 海外供需较为稳定，库存维持线性累增，但全球线性库存边际累增稍有放缓，LME cash-3M结构稍有小幅抬升。Special report on Guotai Junan Futures6161数据来源：SMM，上海钢联，同花顺iFind，彭博，上海金属网，国泰君安期货研究全球精炼镍产量20172021201820222019202320202024万吨30252015105003-3106-3009-3012-31全球精炼镍表需20172021201820222019202320202024万吨30252015105003-3106-3009-3012-31国内库存+LME202020212022202320242025万吨3530252015105010-1031-1042-1040-2061-2062-2001-3012-3010-4021-4032-4070-5012-5040-6081-6020-7061-7003-7031-8072-8090-9002-9010-0131-0132-0140-1151-1162-1180-2181-2103-21镍:电解镍:期货:LME镍合约相关数据:LME镍总库存吨30000020202021202220232024202525000020000015000010000050000020-1051-1082-1001-2032-2080-3012-3030-4061-4092-4021-5052-5070-6002-6030-7061-7092-7011-8042-8060-9091-9020-0151-0182-0101-1132-1160-2191-21电解镍现货进口盈亏(日)2019202320202024202120252022元/吨20000150001000050000-5000-10000-15000-20000-25000-3000020-1041-1062-1070-2091-2030-3051-3072-3090-4012-4060-5081-5003-5011-6032-6050-7071-7092-7001-8022-8030-9051-9072-9061-0182-0190-1112-1130-2151-2172-21LME镍0-3升贴水201720222018202320192024202020252021美元/吨8006004002000-200-40020-1041-1062-1070-2091-2030-3051-3072-3080-4002-4020-5041-5062-5070-6091-6010-7031-7052-7060-8081-8003-8011-9032-9050-0171-0192-0101-1122-1140-2161-2103-21
