Metals News
[brief Review of Nickel in SMM] multiple factors influence each other Nickel Price or Center of Gravity fluctuates around 109000 range
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SMM July 18: Shanghai nickel 1809 opened at 108840 yuan / ton today, Shanghai nickel fluctuated slightly along the daily moving average at the beginning of the day, supported by the lower daily average. Recently, nickel prices have been affected by a number of factors, the trend is uncertain. Both sides operate cautiously and test each other. Long first of all, constantly increasing positions, short was forced to reduce positions and flee, Shanghai nickel concussion upward, touch high 109490 yuan / ton, and then the center of gravity around 109320 yuan / ton weak operation. In the afternoon, bulls did not have enough power to rise, profit-taking, short positions, Shanghai nickel shock leakage, all the way down to 108120 yuan / ton, below the 108000 yuan level support, after a short consolidation, back to the 109000 yuan mark near. All day, Shanghai nickel main contract 1809 closed at the cross star, compared with the previous day's settlement price fell 850 yuan / ton, down 0.77%. Volume increased by 74000 to 815000, while position decreased by 5778 to 325000. The daily technical index KDJ opens downward and the MACD green column becomes longer. Shanghai nickel may continue to concussion around the 109000 yuan / ton pass at night. Nightly watch for new housing starts in the United States in June (10,000 households), changes in EIA gasoline stocks in the week of July 13 (10,000 barrels), and changes in EIA crude oil stocks in the week of July 13 in the United States (10,000 barrels).

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