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[SMM brief comment] after Shanghai Nickel rushes higher, give up the increase and increase the position and continue to increase in the short term.
May 7,2020 18:09CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, May 7:

Shanghai Nickel 2007 contract opened at 102030 yuan / ton this morning, Shanghai nickel briefly rose to 102550 yuan / ton after the pressure fell back, the lowest down to 101430 yuan / ton, the lowest point in the day. In the second trading day of the morning market, after the bulls increased their positions substantially, Shanghai nickel gradually reached 102780 yuan / ton, and then made a profit to reduce their positions one after another. In the afternoon, long and short continued the game, Shanghai nickel gradually gave up the morning increase, fell to the daily average line of 101800 yuan / ton, and finally closed at 101890 yuan / ton, up 2.18%. In terms of position volume, following an increase of 8378 positions in night trading yesterday, the main force increased its daily positions by 3345 hands today, including 17000 positions in morning trading, but left the market for short-term funds in late trading, and daily positions still increased by 11723 hands to 91537 hands compared with yesterday. After returning to the market after the festival, the price of nickel-iron-nickel ore rose, and the rate of reduction of stainless steel inventory was fair, which made the price of stainless steel stronger. This has given a certain impetus to the nickel market rebound, there is still a trend to more in the short term, the upper pressure level is 103750 yuan / ton. Night trading continues to pay attention to the long position changes, testing whether Shanghai nickel can continue the rally.

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