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[SMM brief comment] the bullish Shanghai Nickel has risen sharply and is expected to rise again on the back of support.
Apr 20,2020 19:23CST
The content below was translated by Tencent automatically for reference.

SMM, 20 April:

The Shanghai Nickel 2006 contract opened 98970 yuan / ton today. As domestic LPR 1-year and 5-year interest rates have been cut and stimulated, market sentiment has been boosted, basic metals are generally floating red, and market concerns about nickel supply side shortage have been brewing for a long time. Superimposed today's stainless steel price is strong, Shanghai nickel bulls energy has been effectively released, soon after the opening of long successive positions, break through the 60-day moving average, the rising energy is still not diminished. Shortly after the opening of the afternoon trading, it stood on 102000 yuan / ton, recovering the previous jump gap, reaching 102300 yuan / ton. Although all the bulls left the market before the close, it still closed at 102030 yuan / ton. The previous trading rose 3060 yuan / ton, up 3.09%, trading volume increased 99000 hands to 333000 hands, position volume increased 12068 hands to 123000 hands. Today, Shanghai nickel closed in the sun column, and effectively broke through the 60-day moving average resistance, has been run to the new uplink space. In the good situation of the various data, the upward momentum is more sufficient.

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