[SMM Nickel Morning News] Lunni is supported around the 10-day moving average support below the US $12300 / ton width shock in Shanghai Nickel.

SMM, 8 May:

Lunni opened at $12320 a tonne yesterday, followed by a wide swing around the $12300 / tonne line, running in the $122400-$12,400 / tonne range. After entering the European session, the magnitude of the earthquake gradually narrowed, but the center of gravity remained stable at more than $12300 a tonne. By 20: 00, Lunniel rose to a day high of $12400 / ton, and the pressure shock dropped sharply to near the 10-day moving average of $12170 / tonne, revised slightly at the end of the session, and finally closed at $12295 / tonne, down $40 / tonne, or 0.32%, from the settlement price of the previous trading day. Trading volume decreased by 2656 hands to 4872 hands, and position volume decreased by 1539 hands to 221000 hands. Lenny closed in the long shadow line yesterday, the K-pillar stood steadily above the moving average, the center of gravity was around the $12300 / ton line, and the top was under pressure of $12400 / ton. Today is a British bank holiday, and the London Stock Exchange is closed for a day. Follow up on the high shock of Lenny.

Overnight Shanghai nickel opened at 102280 yuan / ton, following the downward trend of Lunni at the end of the day after the opening of the night market, rising slightly by 102750 yuan / ton, followed by a long reduction, Shanghai nickel fell again, 101500 yuan / ton was supported by a small rebound and continued to fall, falling below the 5 / 10 moving average of 100410 yuan / ton, closing at 101070 yuan / ton at the end of the day, down 820 yuan / ton, down 0.8% from the settlement price of the previous trading day. Trading volume increased by 50000 to 412000 lots, while position decreased by 3632 lots to 88000 lots. Overnight Shanghai nickel closed in the small negative column, shadow line down 5 / 10 moving average, K column through the 5-day moving average stand above the 10-day moving average, today pay attention to the Shanghai nickel 10-day moving average above the wide shock.

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