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[brief Review of SMM stainless Steel Futures]
Oct 14,2019 16:27CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 14 October:

SS2002, the main contract for stainless steel futures, opened at 15765 yuan / ton in early trading this morning. Before noon, SS first suppressed and then rose, at the beginning of the day, the level more into, SS tried to break through the daily average line failed, shock fell, bottomed 15740 yuan / ton, long position, SS hit bottom rebounded to break through the daily average line, touch high 15810 yuan / ton. In the afternoon, with long and short caution, the center of gravity of ss fluctuates up and down around the daily moving average, with an amplitude of 30 yuan / ton. Near the close, short positions increased to 15765 yuan / ton, up 20 yuan / ton, or 0.13%. A total of 9842 hands were traded and 14774 hands were held throughout the day, an increase of 120 hands per day compared with the previous settlement, closing in the negative line. Under the dual support of raw material cost and logistics cost, the price of stainless steel is easy to rise but difficult to fall, but at the same time, the truck capacity is declining, dragging down the demand for stainless steel, short-term high is still difficult to get an effective breakthrough.

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