SMM, 14 April:
Recently, the demand for stainless steel has picked up, the price has risen, the demand end of nickel has improved, and the support of nickel price is stronger than in the early stage. The Shanghai Nickel 2006 contract opened at 96600 yuan / ton today. At the beginning of the day, the long position was reduced, the Shanghai nickel lower was 96060 yuan / ton, the 5-day moving average was supported and rebounded, and the 96800 yuan / ton pressure fell slightly by 400 yuan / tonne. In the afternoon, the bulls increased their positions significantly, and the Shanghai nickel pulled up and broke 97000 yuan / ton pressure level to probe 97420 yuan / ton. Under pressure, the position fell again, Shanghai nickel rose at the end of the day, and finally closed at 97160 yuan / ton, up 280 yuan / ton from the settlement price of the previous trading day. Up 0.29 per cent, trading volume increased by 43000 hands to 38.39 million hands, position increased by 3472 hands to 104470 hands. Shanghai nickel closed in the small balcony today, the shadow line down 5-day moving average, the lower Boll line rail level is supported, the top is still under pressure 98000 yuan / ton pass, follow-up attention to Shanghai nickel in the Boll line middle rail and 98000 yuan / ton interval wide shock.
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