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[SMM Nickel Morning News] Lunni yesterday wide shock follow-up below $12200 / ton position support
Apr 30,2020 08:36CST
The content below was translated by Tencent automatically for reference.

SMM, April 30:

Early this morning, the Fed left its benchmark interest rate unchanged at 0%-0.25% and the excess reserve rate at 0.1%. The Fed is committed to continuing large-scale overnight and regular repo operations and is committed to using all tools to support the US economy. In addition, Russian Energy Minister Novak said that domestic oil and natural gas PSA projects, small oil companies will also abide by OPEC + agreement to reduce production, Russian oil production will be 19% lower than in February, non-OPEC countries will reduce production by 10 million barrels per day in May. Rescue plans come out frequently, market confidence ups and downs. On the nickel side, with the acceleration of the Indonesian Nife production project, it is expected that Indonesian nickel pig iron production will increase significantly in the third quarter. As the largest downstream substitute for pure nickel, it will occupy more of the pure nickel market. However, in the short term, the nickel price is not obviously negative and beneficial. Shanghai nickel is expected to maintain a wide concussion of about 100000 today, and a wide concussion of US $12300 / ton of Lunni. Lunni, which opened at $12320 a tonne yesterday, delayed its opening trend a day earlier, swinging from the $12300 front line to a peak of $12370 a tonne before falling back under pressure to explore the 60-day moving average of $12200 a tonne, which was tested several times during the period. At 20: 00, Lunni turned upward, pulling up through the daily average and returning to a day-to-day high. At the end of the day, the center of gravity of Lunni fluctuated narrowly around $12320 / ton, and finally closed at the opening price of $12320 / tonne, down $10 / tonne, or 0.08 per cent, from the previous day's settlement price. Trading volume decreased by 1086 hands to 4421 hands, position increased by 319 hands to 222459 hands. Lunni closed yesterday in the long lower shadow line cross star, the shadow line down piercing the 5-day moving average, low to the 10 / 60 day moving average crossing position. Lunni opened at $11320 a tonne today and followed up on the concussion above the $12200 per tonne position.

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