Metals News
[brief comment on Nickel in SMM] Macro-bearish and weak Chinese data Nickel prices may fluctuate around the 109000 yuan mark
The content below was translated by Tencent automatically for reference.

SMM, July 17: today, Shanghai Nickel 1809 opened at 109860 yuan / ton, supported by the fundamentals of nickel itself, short positions below 110000 continue to be at risk, short positions fled at the beginning of the session, Shanghai nickel rose slightly, breaking through the 110000 mark, touching a high of 110050 yuan per ton. However, constrained by the macro environment, as well as China's weak second-quarter data performance, long cautious, Shanghai nickel rally momentum is limited, followed by weak shocks, the center of gravity around 109700 yuan / ton narrow fluctuations, touch high 110000 mark failed. In the afternoon, short positions continued to increase, long was forced to reduce positions, Shanghai nickel shock leakage, bottomed out 108560 yuan / ton, and then fluctuated around 108800 yuan / ton. All day, Shanghai nickel main contract 1809 closed in the small shade line, compared with the previous day's settlement price fell 2390 yuan / ton, down 2.14%. Volume decreased by 183000 hands to 742000 hands, and position by 9192 hands to 330000 hands. The daily technical index KDJ opens downward and the MACD green column becomes longer. At night Shanghai nickel or around 109000 yuan / ton pass interval concussion. Nocturnal attention to industrial output in the United States in June compared with the previous month

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