SMM, 28 October:
Shanghai nickel opened at 133610 yuan / ton today, after the opening, the long position reduced, Shanghai nickel shock all the way down, down 131230 yuan / ton, then, slightly revised, the center of gravity around 132000 yuan / ton narrow fluctuations, finally closed at 132080 yuan / ton, compared with the settlement price of 1110 yuan / ton, down 0.83%, trading volume increased by 120000 hands to 957000 hands, position volume decreased by 14000 hands to 280000 hands. Shanghai nickel closed in the small negative column, the top facing 20 EMA resistance, below there is no other moving average support, this night to pay attention to Shanghai nickel can stabilize 132000 yuan / ton level.
The data were light tonight.
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![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)