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[SMM Nickel Morning News] Nickel futures showed a downward trend on Friday night. Follow-up attention to whether nickel can rebound at a low level.
May 18,2020 08:47CST
The content below was translated by Tencent automatically for reference.

SMM, May 18:

Shanghai Nickel closed negative for five consecutive days last week and fell more obviously in the second half of the week, but there are no obvious negative factors in nickel fundamentals. Shanghai Nickel is still a wide shock adjustment. When the two sessions are held this week, macroscopic or favorable factors appear. It is expected that nickel will still fluctuate widely this week, with a range of 98000 MFN 103,500 yuan / ton.

In Friday night trading, Shanghai Nickel jumped short and opened low at 98810 yuan / ton. at the beginning of trading, Shanghai Nickel slightly rose to a daytime high of 9200 yuan / ton, then short positions increased, Shanghai Nickel fluctuated downwards, the first line position of 98500 Yuan / ton was consolidated, bulls were not confident enough to leave the market, and Shanghai Nickel went down again. Shanghai Nickel closed overnight at 98170 yuan / ton, down 1230 yuan / ton, or 1.24%, compared with the previous trading day, and trading volume increased by 41000 to 319000 hands. The position increased by 10000 hands to 111000 hands. The overnight Shanghai Nickel closed on the long shadow line on Friday, the center of gravity of the K-column is 98500 yuan / ton near the 40 / 60 daily moving average, and the 40 / 60 daily moving average is about to cross technology. follow up to pay attention to the pressure at this position.

Lenny opened at US $12240 / ton last Friday. During the Asian session, Renni fluctuated within a narrow range of the 10 / 60-day moving average around US $12070 / tonne. After the close of the Asian market, Lenny began to fall, falling below the US $12000 / mark all the way down to the US $11920 / tonne position, which continued to decline after short-term shock consolidation and finally closed at US $11820 / tonne, down US $235.00 / tonne from the previous trading day. Fell 1.95%, trading volume increased by 614 lots to 6001 lots, and position increased by 1104 lots to 218000 lots. Lunni closed in the small negative column last week, the K-column is faced with multiple moving average pressure, down through the 60-day moving average, the lower 40-day moving average is supported, Lunni opened at 11860 US dollars / ton today. Today, we will focus on the finishing above the 40-day moving average.

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