[SMM Nickel brief Review] the rise and fall of Shanghai Nickel during the vomiting week, the 40-day moving average, pay attention to when the outer disk test will stop falling in the evening.

SMM, July 1:

Shanghai Nickel 2008 main contract opened at 101790 yuan / ton today, gradually fluctuated up to 102220 yuan / ton after the opening, the highest point of the day, and then lagged behind in the vicinity of 101800 yuan / ton. In late morning trading, Shanghai nickel bottomed out at 101350 yuan / ton and quickly rebounded to 102000 yuan / ton, but still failed to break through the resistance of the daily average of 102100 yuan / ton above. When trading opened in the afternoon, the short positions increased the pressure, and the center of gravity of Shanghai Nickel gradually fell to 101600 yuan / ton, and gradually reduced its positions in the late trading period. Shanghai Nickel rose slightly and finally closed at 101850 yuan / ton, the settlement price fell 760 yuan / ton, a drop of 0.74%. Today's Shanghai Nickel 2008 main contract turnover volume is 152107 lots, far month Shanghai Nickel 2010 contract turnover volume is 292526 lots; 2008 main contract positions increased by 1124 lots to 79744 lots, and far month Shanghai Nickel 2010 contract positions increased by 10802 lots to 61907 lots. It is expected that the main Shanghai Nickel contract will be completed by the end of this week. Today's domestic release of June Caixin manufacturing PMI data was higher than expected, but failed to boost the nickel market. On the contrary, Shanghai Nickel recorded a mid-negative column and gave up the gains of the previous two days, falling below the 40-day moving average again. In the evening, we will pay attention to the guidelines on the trend of the outer disk after the release of European and American economic data to test whether Shanghai Nickel can stop falling.

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