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[brief comment on SMM] Shanghai Nickel retreats to the 100000 pass and supports the 60-day moving average to improve in the future.
Apr 21,2020 15:49CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 21 April:

Shanghai nickel 2006 contract opened at 102030 yuan / ton today, briefly probed 102500 yuan / ton after the opening, but as overnight US crude oil fell to a negative value, the market risk aversion heated up, the bulls left the market one after another, so that the nickel price retreated to 100000 above the 60-day moving average near the adjustment, the lowest bottom to 100160 yuan / ton, and then continue to run below the daily moving average. Although the morning market nickel price several times to the 100000 gate down, but all within the day the new empty warehouse to suspend the offensive. In the afternoon, as the price of crude oil stopped falling and the market panic eased, Shanghai nickel gradually stabilized and rebounded to above the daily average of 101000 yuan / ton, until the close, the long and short sides closed their positions, Shanghai nickel closed at 100920 yuan / ton, settlement price rose 290 yuan / ton, up 0.29%. The trading volume was reduced by 43989 hands to 289000 hands, and the position was reduced by 23831 hands to 99334 hands. As a result of yesterday's sharp rise in nickel prices, although retreated to the 100000 level today, but still above the 60-day moving average, waiting to pay attention to the outer disk guide in the evening to test whether the domestic long energy still exists.

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