[SMM Express] Shanghai Nickel early trading high open low walk sustained downward LME inventory decline long is expected to support

SMM10, March 8: Shanghai nickel opened high and low today, continued to decline, as of 10:20, Shanghai nickel reported 135900 yuan / ton, down nearly 0.8%.

During the National Day period, Lunni operated strongly under the support of bulls, the 0-3 premium remained above $100, and warehouse receipt inventories fell sharply almost every day. By 11:00 on October 7th, Lunni had climbed to around $17790 a tonne, up 3.9 per cent from its closing price of $17125 a tonne on September 30. On the inventory side, Lunni stocks fell by 133128 tons on October 4, with a drop of 7776 tons on the same day, the largest drop on record and a 15.7 per cent drop from 157986 tons on September 30.

According to SMM, the continuous sharp decline in the inventory of Lunni during the holiday period shows that the bulls are still making efforts, and the price increase brought about by the Back structure is limited so far, but wait and see whether the inventory continues to maintain a downward trend in the later stage, taking into account the high concentration of Lunni bulls and the difficulty of falling prices under the downward trend of inventories, Shanghai nickel has a certain support above 135000 in the short term.

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