[SMM view] after eight days of rising, after three days of pullback, Shanghai nickel market rose and or fell?

SMM7 24: Shanghai nickel continued to fall today, as the third floating green day, by the end of the day, Shanghai nickel closed at 112320 yuan / ton, down nearly 0.7%. Since July 10, Shanghai nickel has experienced eight consecutive rises and three consecutive falls, during which it soared (July 19) to 119240 yuan / ton, up 20990 yuan / ton, or nearly 21.4 per cent, from 98250 yuan / ton on the eve of the start of the Shanghai nickel rally.

SMM believes that nickel prices this week from around 120000 for three consecutive days of correction, followed by the previous 12 consecutive days of rally. This time away from the fundamentals of the rally, mostly driven by the main capital, and this week's pullback, SMM tends to think that only a normal pullback. Mainly from the spot point of view, a steel plant last week in a higher position is still a large number of purchases of nickel pig iron and pure nickel, and even nickel pig iron reserve until September. From the futures point of view, 1910 contract long funds showed no obvious signs of reduction. Therefore, SMM believes that the current bulls of the main funds still exist, the late nickel price rest or continue to rebound more likely.

Market voice

Ruida futures: "July 24 Shanghai nickel main 1910 decline shock." Weakness in sterling and the euro supported the rise in the dollar, while weak demand for stainless steel downstream, continued pressure on nickel prices, while recent increases in ferronickel prices and a decline in terminal stainless steel inventories partly supported nickel prices. Spot, early trading hours, although compared with yesterday in the same trading session fell, but today's downstream basically no response, transaction is not as positive as yesterday. Nickel prices fell to around 111200 in the second trading session, with a slight improvement in trading, but the overall picture was not optimistic. Technically, Shanghai nickel main 1910 contract daily MACD red column shortening, short-term shock is expected to be weak. In operation, it is recommended that the Shanghai nickel main 1910 contract should be shorted around 112400 yuan / ton, and the stop loss position should be 114000 yuan / ton. "

"Click to enter the registration page

Scan QR code and apply to join SMM metal exchange group, please indicate company + name + main business