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[SMM Nickel Morning News] the 5-day moving average above Longhu Nickel is lower.
Oct 10,2019 08:54CST
The content below was translated by Tencent automatically for reference.

SMM, 10 October:

Lunni Asia opened at $17460 a tonne today. Before noon, the center of gravity of Lunni fluctuated slightly around the daily average. at noon, the top pressurized $17500 / tonne horizontal plate. In the afternoon into Europe, LME stocks fell sharply 8898 tons, superimposed dollar index downward impact, Lunni shock upward, explore the 5-day moving average, touch high 17625 US dollars / ton, and then Lunni as a whole in the daily moving average above the narrow range of concussion operation. At night, Lunni reversed its decline, falling below the $173400 / tonne mark, down $17280 / tonne, and then fluctuated slightly at $17300 / tonne, closing at $17340 / tonne, down $110a tonne, or 0.63 per cent, from the settlement price of the previous trading day, with a turnover of 6573 hands and a 3000 increase in positions to 284000 hands. Lunni closed in the small negative line, the top pressure 5-day moving average, the K column fell below the 10 / 20 moving average of $17400 / tonne, today focus on Lunni can hold the $17300 / tonne level.

Overnight Shanghai nickel opened at 137200 yuan / ton, at the beginning of the day, fluctuated slightly near the daily moving average, then, short positions increased, Shanghai nickel shock downward, to 134600 yuan / ton first-line support, the center of gravity around 135000 yuan / ton first-line narrow shock, finally closed at 134780 yuan / ton, compared with the settlement price of the previous trading day fell 1960 yuan / ton, down 1.43%, trading volume 333000 hands, position volume increased 12000 to 309000 hands. Overnight Shanghai nickel closed in the small positive line, the upper 5 / 10 moving average intersection resistance is strong, there is no moving average support near the bottom, today pay attention to whether Shanghai nickel can be stable at 135000 yuan / ton level.


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