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[SMM News] the metal market is generally falling, Shanghai nickel is the only red fundamentals, nickel price is expected to be strong shock this week.
Apr 21,2020 10:49CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM4, April 21: on April 21, the non-ferrous metals market generally fell, Shanghai copper, Shanghai zinc fell more than 2%, Shanghai aluminum, Shanghai tin fell more than 1%, only Shanghai nickel was the only red, as of about 10:40, Shanghai nickel reported 100860 yuan / ton, an increase of nearly 0.2%. Shanghai nickel opened high and walked low in the morning, but recovered around 10:00, from green to red, stainless steel futures also opened high and walked low, but continued to rise after 10:00 in the morning. Basically in a faint red. China International stainless Steel Industry Market and Application Development Forum 2020

SMM expects that the macro marginal improvement, nickel price fundamentals can be short-term situation, and overseas producers of production expectations have been reduced to further stimulate market sentiment, nickel prices are expected to be strong shock this week, although once broke the 60-day moving average, but the high power to maintain stability is slightly inadequate, Shanghai nickel 98000-102000 yuan / ton, Lunni 11800-12300 US dollars / ton.

"related reading:" [SMM analysis] Shanghai nickel rose more than 4% to break through the 100, 000 mark in the process of brewing a new wave of market? "

[SMM Analysis] is the opportunity for stainless steel futures to rise to a high in the past two months or to be alert to the downward trend? "

 

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