SMM, 15 May:
With the concentrated return to work after the epidemic to catch up with the slowdown, the lack of bright spots in consumption is a major factor in the pressure on major metals in recent days. However, at present, the price of stainless steel is still stable, the volume of delivery has not increased significantly, and the spot price of stainless steel is supported to a certain extent; the price of nickel pig iron remains strong, and the difference between pure nickel price and pure nickel price is nearly flat; there is little room for fundamental nickel price to fall, and the operation of wide shock is mainly maintained, but it is still necessary to guard against macro impact and capital operation. Lunni opened yesterday at $12240 / tonne, initially bearing pressure on the 5-day moving average of $12280 / tonne down to $12150 / tonne at the intersection of the 10 / 20 moving average. Subsequently, Lunni rebounded and rose to a daily high of $12315 / ton, but after that, Lunni showed a weak trend again. The concussion fell all the way below the ten thousand two levels to $11965 / ton, and ended up slightly up at the end of the session. At the end of the session, it closed at $12055 / ton, down $195 / ton, or 1.59%, from the settlement price of the previous trading day. The trading volume was 5387 hands, and the position was reduced by 565 to 217000 hands. Lunni closed in the middle of the shade yesterday. The K-column runs in the 5 / 60-day moving average range, runs through the 10 / 20 moving average crossing, and faces the $12000 / ton level below. Pay attention to the support of the level today. Overnight, Shanghai nickel opened at 100770 yuan / ton, and the opening short increased its position significantly. Shanghai nickel fell below the 100000 level by 99080 yuan / ton, followed by a long increase in positions, Shanghai nickel rebounded to below the 100000 level, and then under pressure, around the daily average 99800 yuan / ton narrow range shock until the close, finally closed at 99850 yuan / ton, down 1320 yuan / ton from the settlement price of the previous trading day, trading volume of 395000 hands. Position increased by 7035 hands to 94000 hands, overnight Shanghai nickel closed in the long shadow line small negative column, fell below the 100000 level, this position changed from the support level to the pressure level, the top of the K column is faced with a number of moving average pressure, follow-up attention to whether Shanghai nickel can stand on the 100000 level again.
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![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)