SMM, 9 May:
On the last trading day on Friday, there was frequent news in the market that the trading center of nickel pig iron continued to be strong and large factories purchased in large quantities. The new rules of October last year allowed the delivery of nickel beans to cause heated discussion. 2011 contracts began to increase deliverables, which had a significant impact on the structure. In addition to 05 contracts, other contracts before November showed a rising water structure for 2011 contracts, but in the long run this will help to promote the stability of the nickel futures market. However, the details have yet to be further announced by the authorities. In terms of fundamentals, the current nickel and iron is the profit space brought about by the high price of stainless steel is pressing step by step, whether stainless steel can continue to rise needs to wait and see the order situation after entering May. At present, among the stainless steel departments, the profit of the 300 series is still relatively ideal, and the operating rate of the 300 series is still gradually recovering, which is good for the consumption of primary nickel, and pays attention to the pressure of the market after the arrival of the stainless steel market in the later stage.
Overnight, Shanghai nickel opened at 101570 yuan / ton. After the opening, the bulls increased their positions by a large margin. Shanghai nickel pulled up, breaking through the daytime pressure level of 102600 yuan / ton, and then the Shanghai nickel bearing pressure was 103090 yuan / ton. after the bulls left the market, the Shanghai nickel fell sharply and the bears followed up the Shanghai nickel continued to fall slowly, giving up the previous increase to near the opening price, closing at 102090 yuan / ton, up 330 yuan / ton from the settlement price of the previous trading day. Up 0.32%, trading volume decreased by 315000 hands to 386000 hands, position increased by 2605 hands to 90125 hands. Shanghai nickel closed in a small pillar yesterday, the shadow line down to test the 5-day moving average position, Shanghai nickel recent trend is strong, is expected to maintain a high concussion situation in the short term, pay attention to whether Shanghai nickel can stabilize the 5-day moving average position.
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