SMM, 12 May:

Lunni closed on Friday and opened as high as $12400 a tonne yesterday. It quickly hit a daily high of $12500 a tonne after opening, but soon fell back under pressure and, before the close of the session, gave up most of its gains. Run in last week's horizontal center of gravity of $12300 / tonne line. After entering the European trading session, Lunni was again under selling pressure, from red to green, down to the intraday low of $12215 / ton. During the night, Renni reversed the trend, fluctuating all the way up to recover the daytime decline near the opening price, and finally closed at 12410 US dollars / ton, up 125USD / ton, or 0.94%, compared with the previous day's settlement price. The trading volume decreased by 1020 lots to 3852 lots, and the position decreased by 523 lots to 221000 lots. Lunni closed yesterday at the long lower shadow line Xiaoyang post, the shadow line down to the 5 / 60 daily moving average, and the lower two averages crossing at 12260 US dollars / ton. Although the trend of Lunni is weaker than that of Shanghai nickel in the near future, the multiple moving averages are concentrated around 12000 US dollars / ton, and the short-term support is expected to be strong. Follow-up attention to whether Lonel can stand firmly above the EMA. During the day yesterday, Shanghai Nickel was affected by the central bank's first-quarter monetary policy implementation report, showing a trend of rising and falling. Overnight, Shanghai nickel opened at 101410 yuan / ton, rose slightly to 101900 yuan / ton at the beginning of the session, fell back to 101600 yuan / ton after bearing narrow shocks, and then was supported again to 102200 yuan / ton, increasing the basic balance of emptying and reducing forces, falling slightly at the end of the session, and finally closing at 101940 yuan / ton. compared with the settlement price of the previous trading day, the settlement price rose 330 yuan / ton, up 0.32%, the trading volume decreased by 462000 to 299000 hands, and the position decreased by 97 to 90362 hands. Overnight, Shanghai Nickel closed at Xiaoyang column, and K column ran through the 5 / 10-day moving average. Follow-up attention was paid to the consolidation of Shanghai Nickel at this position.

At present, the price increase of stainless steel is relatively lack of a large number of transactions in the market as a support, while the price of nickel, especially Shanghai nickel, is mediocre at present. Compared with Ferro Nickel which just needs to be supported, the spot demand of domestic pure nickel is light, or it has gradually become a drag on the price of nickel. To sum up, although the supply of nickel pig iron is abundant, it will not drag down the nickel price for the time being. If the high profits of stainless steel can be relatively maintained, other downstream industries will recover from the overseas epidemic as early as possible, gradually pulling more pure nickel into China to be consumed. Nickel prices may have room for further strength. In the short term, nickel is better than stainless steel.

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