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[brief comment on SMM nickel] Shanghai nickel fell below the 100000 yuan / ton mark today by more than 2 per cent
Jul 1,2019 17:55CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 1 / PRNewswire-Asianet /-

Shanghai nickel 1908 opened at 101770 yuan / ton today, at the beginning of the day, briefly pushed up 102330 yuan / ton, long position reduction, Shanghai nickel all the way down, fell to the 10-day moving average near 99700 yuan / ton line to get support. Subsequently, Shanghai nickel pressure 100000 yuan / ton gate, repeatedly failed to break through, the center of gravity around 99900 yuan / ton horizontal market shock operation, closed at 99670 yuan / ton, compared with the previous trading day settlement price fell 2150 yuan / ton, down 2.11%, trading volume increased by 31700 hands to 800000 hands, position decreased by 33900 hands to 169000 hands. Shanghai nickel main contract rose for a few days, expected to cash, capital withdrawal, long positions, today with the external market nickel fell, down more than 2%, shanghai nickel index capital outflow of 321 million yuan. Throughout the day, the Shanghai Ni 1908 contract closed at the Zhongyin line, below the 10-day EMA, at night to focus on whether Shanghai Ni can get 10-day EMA support, holding the 99000 yuan / ton barrier.

Tonight, we should pay attention to the monthly rate of US construction expenditure in May, the final value of Markit manufacturing PMI in June, and the ISM manufacturing PMI in June.

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