[SMM brief comment] Shanghai Nickel continued to keep the center of gravity higher and lower than it was yesterday. The spread between months narrowed down and the funds left the market one after another.

SMM, 30 April:

Today, Shanghai Nickel 2007 main contract opened at 101000 yuan / ton, after the opening of a small drop of 100520 yuan / ton, and then rebounded to a daily high of 101310 yuan / ton. Since the beginning of the second trading session in the morning market, Shanghai nickel has shown a decline, falling below the daily average and falling step by step, with the lowest falling to 99900 yuan / ton, closing at 99950 yuan / ton, down 770 yuan / ton, or 0.76%. Today's trading volume was reduced by 29554 hands to 226000 hands, and position volume was reduced by 1550 hands to 58834 hands. This week four trading days recorded a small negative column, today's trend is similar to yesterday, are high open low walk, the end of the day there is a more concentrated risk aversion to close the position. Although Shanghai nickel closed below the 10-day moving average today, it is still standing above the 60-day moving average. At present, there is almost no price difference between Shanghai nickel contracts, which makes it difficult for disk arbitrageurs to make a difference for the time being. Last night, the Fed issued an interest rate resolution that will continue to be loose and will be able to focus on the direction of the outside world during the holidays.

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