SMM, 20 April:

[SMM stainless Steel Review]

Today, the stainless steel SS2006 contract opened at 12940 yuan / ton, after the opening, the bottom was supported by the 5-day moving average, concussion upward, to 13300 yuan / ton after a small repair shock, near the noon break, the SS2006 contract rose 13390 yuan / ton, the upper pressure 13400 yuan / ton, in the afternoon, the center of gravity around 13300 yuan / ton near the narrow shock, until the close, finally closed at 13320 yuan / ton, up 375 yuan / ton from the closing price of the previous trading day. Up 2.9%, trading volume increased by 7606 hands to 37284 hands, position increased by 2312 hands to 48398 hands.

The SS2006 contract closed today at the Changyang column, breaking through the 13000 yuan / ton barrier and running above the 5-day moving average, with 13400 yuan / ton above the first line temporarily facing upward resistance.

Today's rise in stainless steel contracts is mainly due to the pull of long funds, stainless steel contracts in the past two weeks of continuous upward trend, to a certain extent, the market arbitrage sentiment in the disk trade, but in the face price continues to pull up at the same time need to pay careful attention to profit unwinding behavior to suppress the price.

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