[SMM Nickel Morning News] Lunni shows an inverted V trend and still needs to pay close attention to the influence of macro factors.

Published: Apr 28, 2020 08:59

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SMM, April 28:

Yesterday, the collection and storage news stimulated the red of the major metals, but the collection and storage news had little effect on the essence of nickel, and the emotional effect played a greater role in it. In the afternoon, Qingshan 304 stainless steel announced the closure again, and the willingness to bid was obvious. for nickel, although the current production of the steel plant remains normal and the fundamentals are OK, the improvement in downstream demand is limited, and the good news is not obvious, and it is more a feeling of looking forward to rising. If the stainless steel price is not effective, there will be great difficulties in continuing to push the price for the raw material Nife, and the consumption will continue to be lacklustre. Nickel prices are still more stimulated by the macro news.

Lunni recent trend to follow the Shanghai nickel trend is more obvious, yesterday as a whole showed inverted V-shaped operation. Lunni opened as high as $12260 / tonne. Before the opening of the Asian market, Lunni was under pressure of $12300 / tonne, and then the dollar index fell sharply. Lunni rose. After the short-term entanglement of $12400 / tonne, it continued to rise by $12600 / tonne, and fell back to $12500 / tonne under pressure. After a narrow range of shocks, the downward trend continued to $12350 / tonn.In the first line of US $12500 / tonne, the pressure fell back to US $12500 / tonne, and the downward trend continued to US $12350 / tonne after the narrow range of concussion. After a slight rebound, the pressurized daily average of $12450 / tonnage fell sharply by $12170 / tonnage, rebounded slightly at the end of the session and closed at $12235 / tonne, down $15 / tonne, or 0.12 per cent, from the previous day's settlement price. Trading volume increased by 2260 hands to 5404 hands, position increased by 1870 hands to 222972 hands, Lunni yesterday closed in the long shadow line small negative column, K column stood above the 60-day moving average, the shadow line to explore the Boll line on the track, Lunni opened at $12250 / ton today, follow-up attention to whether Lunni can stand on the 60-day moving average.

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