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[SMM brief Review] Shanghai Nickel vomiting yesterday's rise is long and short intertwined will still consolidate the weak
Apr 28,2020 17:56CST
The content below was translated by Tencent automatically for reference.

SMM, 28 April:

Shanghai nickel was dragged down by weaker oil prices last night. Shanghai nickel opened low at 101110 yuan / ton this morning. At the beginning of the day, the lower 5-day moving average of 99800 yuan / ton was supported. The center of gravity fluctuated around the daily average of 100000 yuan / ton. Until 10: 30, Shanghai nickel strengthened slightly, exploring the day high of 101440 yuan / ton. In the afternoon, Shanghai nickel fell slightly below 101000 yuan / ton, the overall horizontal concussion above the daily average line, until the close, and finally closed at 100480 yuan / ton, down 1760 yuan / ton, or 1.72%, from yesterday's settlement price, recording a small negative column with a long shadow line. The trading volume was reduced by 70292 hands to 108000 hands, and the position was reduced by 7539 hands to 66578 hands. Today, Shanghai Nickel 2007 contract position increased by 3033 hands to 62015 hands, trading volume decreased by 77000 hands to 262000 hands, become the main contract, but the main position today that Shanghai Nickel 2006 contract, follow-up attention to Shanghai Nickel transfer month situation. Today, the Shanghai Nickel 2006 contract closed at the lower shadow line small negative column, the shadow line pierced the 5 / 10 moving average and other averages, but it is still above the 100000 yuan / ton pass, and the lower moving average is temporarily supported. Fundamentals, yesterday's collection and storage news stimulated the major metals floating red, however, the collection and storage news on the real impact of nickel is not great. At present, steel production remains normal, but the improvement in downstream demand is limited, the good news is not obvious, more is a kind of looking forward to rising mood, if the stainless steel price is not effective, for the raw material nickel iron to continue to push the price will also have greater difficulties, and consumption continues to be lacklustre, the overall nickel market is still in a long-short intertwined situation. It is expected that if there is no obvious policy advantage in the future, Shanghai nickel will still fluctuate around 100000.

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