SMM, 23 April:

Shanghai nickel opened at 98300 yuan / ton today, as crude oil prices rebounded yesterday and domestic basic metals rose today. After the opening of the morning market, the bulls' confidence recovered, Shanghai Nickel opened up to 99670 yuan / ton, touched the 60-day moving average pressure and gradually fell back, running below the daily moving average of 98500 yuan / ton, during the period to 98337 yuan / ton is the lowest point in the day. Afternoon long back to the bottom of the 10-day moving average support, in this position to add Cang Shanghai nickel quickly break through the daily moving average, and short in the 99000 yuan / ton line for competition. Until the short strength weakened in late trading, Shanghai nickel closed up at 99500 yuan / ton today, up 1530 yuan / ton, or 1.56%, from yesterday's settlement price. The trading volume was reduced by 67482 hands to 180000 hands, and the position was reduced by 5430 hands to 83940 hands. Today, the macro mood has eased, although the nickel price has rebounded, but has not yet broken through the upper 60-day moving average pressure, and the short has not done too much to test the 10 / 40-day moving average below, the main month short positions have also moved to 07 contracts one after another. In the current situation of multiple EMA entangled, it is expected that the short-term nickel price is more difficult to break through the change area, pay attention to the direction of the outer plate in the evening.

[for more information, please subscribe to SMM Nickel Research Group products "China Nickel Chromium stainless Steel Industry chain General report" and "China Nickel Chrome stainless Steel Industry chain High end report" to obtain the latest nickel mine, nickel pig iron (China + Indonesia), electrolytic nickel, nickel sulfate, chromium ore, ferrochromium, stainless steel (China + Indonesia) related data analysis and market analysis! For ordering and trial reading, please call 021-5166 6775 QQ: 1553 928752, contact: Zhang Lingying]