SMM, July 22nd:
The market was optimistic about the White House's new bailout stimulus. The three major US stock indexes opened higher, with the dollar index falling 0.64% to a four-month low at 98.186, as demand for safe havens cooled and the European Union reached an agreement on the economic stimulus package. it also pushed commodity prices higher. Non-ferrous items turned red at night, with Shanghai Silver leading the rise. The overnight Shanghai Nickel 10 contract opened at 106250 yuan / ton. After the opening of Shanghai Nickel night trading, the bulls increased their positions significantly. Shanghai Nickel concussion pulled up to 107800 yuan / ton. The pressure on Shanghai Nickel fell slightly, and the center of gravity went down to 107500 yuan / ton. It fluctuated in a narrow range around this position until it closed, and there was support at the position of 107300 yuan / ton below. It was finally quoted at 107450 yuan / ton, an increase of 1480 yuan / ton, or 1.40%, over the previous trading day. The trading volume was 411000 lots, and the position decreased by 1626 lots to 130000 lots. Overnight, Shanghai Nickel closed at the Zhongyang column, and the K column broke through the 10 / 20 moving average and the middle rail pressure of the Boll Line, facing a pressure of 107800 yuan / ton above. Today, we will pay attention to the consolidation of Shanghai Nickel at this level.
The Lunni Asian market opened at 13200 US dollars / ton today, fluctuated narrowly around the daily moving average of 13230 U.S. dollars / ton in the morning, and gradually rose to around 13270 U.S. dollars / ton in the afternoon. After the close of trading in Shanghai, due to the continued strength of US crude oil, Lunni showed a step-by-step upward trend in European trading, reaching as high as 13400 US dollars / ton. Under pressure, the pass fell back slightly to the daily average of $13340 / tonne. At night, the macro positive signal was released. Renni continued its daytime rally, exploring 13500 U.S. dollars / ton along the way. This position fluctuated within a narrow range until the close, and finally closed at 13455 U.S. dollars / ton. Compared with the settlement price of the previous day, the settlement price rose 270,270 U.S. dollars / ton, or 2.05%. The trading volume was 5606 lots, and the position increased 1498 lots to 196000 lots. Lunni closed at Zhongyang column last night, the resistance of K-column through the 5 / 10 EMA reached 13500 US dollars / ton, and Lunni opened at 13450 US dollars / ton today. Today, we still need to pay attention to the pressure of 13500 US dollars / ton at the above pass.
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