[brief comment on nickel in SMM] Shanghai nickel stopped falling after 4 consecutive periods, and paid attention to the trend of consolidation in the later stage.

Published: Jun 10, 2019 16:21

SMM, June 10 / PRNewswire-Asianet /-

Shanghai nickel 1907 opened at 95600 yuan / ton, at the beginning of the day, bulls increased positions, Shanghai nickel shock upward, touch high 96950 yuan / ton, and then slightly fell back to 96400 yuan / ton line. In the afternoon, Shanghai nickel was supported by the daily average, and the center of gravity fluctuated in a narrow range around the 5-day moving average of 96400 yuan / ton, closing at 96230 yuan / ton. Throughout the day, the Shanghai Ni 1907 contract closed at the Xiaoyang line of the upper shadow line, which has broken through the 5-day moving average, up 610 yuan per ton, or 0.64 percent, compared with the settlement price of the previous trading day, and the trading volume was reduced by 522000 hands to 304000 hands. Reduce your position by 6300 to 175000. The opening of the daily line technology KDJ converges. In the evening, pay attention to the Shanghai nickel shock consolidation state, whether it can break through the 5-day moving average. At night, attention should be paid to the year-on-year data on the manufacturing output ring and the industrial output ring in the UK in April.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
23 hours ago
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
Read More
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip
[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.
23 hours ago
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
23 hours ago
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
Read More
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches
[SMM Nickel Flash] This week, due to a sharp decline in futures triggering arbitrage selling, high-grade NPI prices fell significantly. However, after the selling activity subsided, upstream quotations and the market center gradually returned to normal levels, supported by cost factors. Looking ahead, as the Chinese New Year holiday approaches, market activity is expected to remain subdued, and high-grade NPI prices are projected to hover at highs with limited fluctuations.
23 hours ago
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
23 hours ago
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
Read More
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu
[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the Indonesia NPI FOB index average price dropped 2.06 $/mtu WoW to 131.2 $/mtu. At the beginning of the week, futures hit limit-down, and nickel prices fell sharply WoW, driving the emergence of arbitrage supplies sold at low prices, leading to a significant decline in high-grade NPI prices.
23 hours ago
[brief comment on nickel in SMM] Shanghai nickel stopped falling after 4 consecutive periods, and paid attention to the trend of consolidation in the later stage. - Shanghai Metals Market (SMM)