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[SMM Nickel Morning News] overnight Shanghai Nickel continues to rise. Lunni follows Shanghai Nickel and stainless Steel.
May 7,2020 08:50CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, May 7:

After the festival, stainless steel prices rose actively, and the nickel market also recovered the decline during the May Day holiday. The price of stainless steel rebounded recently, on the one hand, because of the rise in the price of nickel, iron and nickel, and the increase in the cost of raw materials, steel mills raised the price; on the other hand, the social inventory of stainless steel fell by nearly 200000 tons to 930000 tons in April, and the concentrated release of demand led to a decline in inventories. if stainless steel profits and scheduling can be stabilized in the current position, and even as demand continues to expand, it is a strong support for nickel products.

Lunni opened at $12040 / tonne yesterday and was weighed down by short trading. Lunni fell below the $12000 / tonne level of $11875 / tonne, followed by the Shanghai nickel and stainless steel trend and began to strengthen. After short-term consolidation near the 5-day moving average of $12050 / tonne, the center of gravity moved up to $12250 / ton. and around the center of gravity pressure of $13000 / tonne level narrow vibration, the end of the day slightly pierced the threshold level, and finally closed at $12335 / tonne. The settlement price rose 305 US dollars / ton, or 2.54%, from the previous trading day. Trading volume increased by 3851 hands to 7528 hands, position increased by 651 hands to 223000 hands. Lunni closed in the long shadow line yesterday, the K column runs through a number of EMA, above facing the previous shock high of $12400 / ton, Lunni opened at $12320 / ton today, follow up to pay attention to the integer gate pressure above Lunni.

Yesterday, the first opening of Shanghai nickel trading due to the epidemic stopped night trading, overnight Shanghai nickel opened at 101100 yuan / ton, Shanghai nickel night trading after the continuation of the day around the concussion trend, the center of gravity around 101200 yuan / ton small shock, below the 5-day moving average 100800 yuan / ton position was supported, then, mainly long positions, Shanghai nickel pulled up again, rose 102320 yuan / ton, and pressure 102300 level around 102000 yuan / ton first-line fluctuations, and finally closed at 102130 yuan / ton. Compared with the previous trading day, the settlement price rose 780 yuan / ton, an increase of 0.77%, the trading volume decreased by 60000 hands to 297000 hands, and the position increased by 8378 hands to 88192 hands. Overnight Shanghai nickel closed in the small balcony, mainly long follow-up, Shanghai nickel upward, K column standing above the 5 / 10 moving average, follow-up attention to whether Shanghai nickel can stand the above moving average level.

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