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[SMM Nickel Morning News] Lunni's recent sharp shock operation in the past two days still needs to be vigilant against the departure of funds before the festival.
Apr 29,2020 08:56CST
The content below was translated by Tencent automatically for reference.

SMM, April 29:

In the past two days, the transaction in the nickel market is relatively light, the supply of pure nickel is relatively loose, the supply is temporarily sufficient, and the demand for replenishment before the festival is basically over. (Nickel Asia), the two largest nickel miners in the Philippines, and (Global Ferronickel Holdings), the global nickel holding company, said yesterday that they expect to gradually resume mining and shipping work in major ore producing areas in China from May 1. The shortage of raw materials at the nickel iron plant may ease in June, and the rising power of stainless steel has declined this week. Prices are difficult to strengthen, and there is no clear positive news on nickel fundamentals. We still need to pay close attention to macro changes, and we need to be on guard against the departure of funds before the festival.

Lunni opened at $12250 / tonne yesterday, and in the Asian session, dragged down by the weakness of the Shanghai nickel morning market, it fell below the daily average line twice, falling to $12125 / tonne and $12110 / tonne respectively. Then gradually recovered the decline to $12280 / tonne when again under pressure, fell back to the 60-day moving average above, in the $12200 / tonne shock adjustment. After the Asian market closed, Lunni gradually rose, all the way up $10430 / ton, then the dollar pulled up, Lunni fell back under pressure, closing at $12330 / ton, up $95 / ton, up 0.78% from the previous day's settlement price, trading volume increased by 103 hands to 5507 hands, position decreased by 832 hands to 222000 hands. Lunni closed yesterday in a small balcony, K column stable station above the EMA, below the 5 / 60 moving average technical crossover, today Lunni opened at 12320 US dollars / ton, nearly two days still need to guard against the operation of funds leaving the market before the festival.

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