SMM, 16 April:
Affected by the sharp fall in overnight crude oil prices, the Shanghai Nickel 2006 contract opened today at 97100 yuan / ton, opening with a narrow range of fluctuations around 96500 yuan / ton, with pressure on 96800 yuan / ton above, 10: 45, long position reduction, short follow-up, Shanghai nickel fell to 95900 yuan / ton position. In the afternoon, shorts reduced their positions in Shanghai Nickel a small correction, pressure daily averages shook down again, and finally closed at 95760 yuan / ton, down 1870 yuan / ton from the previous trading day, down 1.92%, trading volume reduced by 147000 hands to 190000 hands, position reduced by 4369 hands to 104866 hands, Shanghai nickel closed in the small shade column today, K column down through the 5-day moving average resistance level, support to pressure. Below the 10-day moving average and Boll line near the rail 95300 yuan / ton support, follow-up attention to the above two lines of support.
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