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[SMM Nickel Morning News] Lunni's European session fluctuated sharply and fell nearly 2 per cent at the end of the day.
Oct 29,2019 09:00CST
The content below was translated by Tencent automatically for reference.

SMM, 29 Oct:

Lunni, which opened at $16830 a tonne today, fell all the way down to around $16600 a tonne, with a centre of gravity swinging around $16600 a tonne. In the afternoon, entering the European period, stimulated by the advance news of the Indonesian mining ban in the market, Lunni fluctuated upward, breaking through the US $17000 / ton barrier and touching a high of US $17015 / ton. But then, the authenticity of the news remained to be determined. Lunni pressurized the $17000 / tonne mark, reversed a straight line and fell by $16450 / tonne. Subsequently, it rebounded and repaired slightly, with a narrow shock near the 5-day moving average of $16700 / tonne. Near the close, Lunni fell again and closed at $16555 / tonne, down $295 / tonne, or 1.75%, from the settlement price of the previous dollar trading day. Trading volume increased by 4818 hands to 9749 hands. Positions increased by 1000 to 282000. Lunni closed in the small negative line, the shadow line close to the 20-day moving average, below the 10-day moving average of $16500 / ton first-line support, today pay attention to the 10-day moving average to the support of Lunni.

Overnight Shanghai nickel opened at 133360 yuan / ton, after the opening, Shanghai nickel plummeted to 132000 yuan / ton, rebounded upward, to 20 EMA 133000 yuan / ton first-line pressure, the center of gravity around the daily moving average near the narrow volatility, finally closed at 132590 yuan / ton, compared with the settlement price of the previous trading day fell 280 yuan / ton, down 0.21%, trading volume decreased by 540000 hands to 418000 hands, position volume 280000 hands. Overnight Shanghai nickel closed in the small negative column, the top is faced with 20 days moving average level resistance, the lower 5-day moving average 132200 yuan / ton line is supported, today pay attention to the role of the upper and lower moving average on Shanghai nickel.

Today's focus on the United States September existing home contract sales index monthly rate, the United States Conference Board consumer confidence index for October;

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