Metals News
[brief Review of SMM Nickel] low inventory support leads Shanghai Nickel to rise at night or fluctuates around the 113800 range
The content below was translated by Tencent automatically for reference.

SMM, Aug. 8 / PRNewswire-FirstCall-Asianet / Shanghai Nickel 1811 opened at 113180 yuan / ton today. Today, the dollar weakened to support the rise in non-ferrous metals, LME, last period inventories continued to decline, at a nearly two-year low. At the beginning of the plate, long increased positions, Shanghai nickel concussion upward, the upper pressure of 114500 yuan / ton level after a small dip, and then bulls continued to increase positions, Shanghai nickel touched a high of 114690 yuan / ton, the highest point in nearly a month. Then bulls lack of confidence, profit-taking, after 2 p.m., Shanghai nickel concussion fell, below the daily average support, a small upward, closing at 114110 yuan / ton. Shanghai Nickel Index capital inflow of 349 million yuan, ranking first in non-ferrous metals. Throughout the day, 1811 of the main Shanghai nickel contracts closed on the Xiaoyang line, up 2120 yuan, or 1.89 percent, from the previous day's settlement price. Trading volume decreased by 47000 hands to 701000 hands, while position volume increased by 40 000 hands to 281000 hands. Daily line technology KDJ opening up, MACD red column longer. Shanghai nickel may fluctuate around the range of 113800 yuan / ton at night. In the evening, you should pay attention to the week-on-week comparison of the MBA Mortgage Application activity Index for the week of Aug. 3 in the United States, a speech by Richmond Federal Reserve Chairman Barkin (voting rights) in Virginia, and the change in EIA gasoline stocks (10,000 barrels) in the United States in the week of Aug. 3. EIA crude oil stocks changed (10, 000 barrels) in the week of Aug. 3 in the United States.

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