[SMM brief Review] Metal mostly floats red in the morning, only Shanghai nickel is under pressure. In the afternoon, the nickel market leaves the market and turns positive.

Published: May 18, 2020 16:50

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SMM, May 18:

In terms of Shanghai Nickel, basic metals are generally red upstream today, while Shanghai Nickel is still under pressure today after it was crushed by short sellers on Friday and was not able to turn red until the afternoon. The main contract of Shanghai Nickel 2007 opened at 98410 yuan / ton today. After the morning market opened, bears reduced their positions. After Shanghai Nickel quickly recovered its 60-day moving average, it stabilized at 99000 yuan / ton. After that, the long and short sides competed near the middle track of the Bollinger Line. Most of the day fluctuated in a narrow range around 99300 yuan / ton. In the afternoon, after the short-sellers gradually weakened, Shanghai Nickel was able to break through the 100, 000 mark, reaching as high as 100350 yuan / ton, but after a short stay, both sides avoided danger and left the market. Shanghai Nickel gave back part of the increase to close at 99860 yuan / ton, up 90 yuan / ton, or 0.09%. Daily position decreased by 948 lots to 99467 lots, and trading volume decreased by 7846 lots to 665000 lots. After 4 consecutive shades in the early days of Shanghai Nickel, Zhongyang column was recorded today, and the shadow line hit the 20-day moving average. Although there is some short-term pressure above 100,000, if Shanghai Nickel can sit on the 60-day moving average, with the macro mood boosted by the domestic "two sessions" this week, Shanghai Nickel is still expected to recover to near the 10-day moving average.

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