[SMM Nickel Morning News] Nickel rose sharply and broke through the multiple moving average pressure. Follow-up on the operation of Shanghai Nickel 102000 / Lunni 12200 Gateway.

SMM, May 19:

While the spot demand for nickel is flat, it is expected that the supply will increase in the later period, which is not obviously positive. Although nickel pig iron in another industry chain remains strong, stainless steel tends to weaken slightly at the top, which is also negative. Although there is a lack of favorable stimulation in nickel prices recently, this round of pullback to a relatively low level below the 100,000 mark, and as overseas gradually emerge from the shadow of the epidemic, there may be no further pressure on the macro side, and the market mentality may rise again in the context of the superimposed two sessions. It is expected that while nickel prices continue to fluctuate this week, the lower space is relatively limited, so short-term bargain selling can be considered. This week's range of Shanghai Nickel 98000Lue 103000 yuan / ton, Lunni 11700USD12300 / ton.

The overnight Shanghai Nickel 2007 contract opened at 100000 yuan / ton, showing an overall upward trend, rising slightly at the beginning of the day, breaking through the resistance after short-term pressure shock at the 10-day moving average of 100500 yuan / ton, and repeating the trend of the 10-day moving average at 101000 yuan / ton on the 20th. The center of gravity reached 101700 yuan / ton, then fluctuated in a narrow range around the center of gravity until the close, and finally closed at 101530 yuan / ton, up 1670 yuan / ton compared with the previous trading day. The trading volume increased by 1.67%, while the trading volume decreased by 83000 to 263000 lots, while the position increased by 5693 lots to 105000 lots. Overnight Shanghai nickel closed in Zhongyang column, K column runs through the 10 / 20 moving average, there is no obvious resistance above, follow-up attention to whether Shanghai nickel can continue the upward trend, pay attention to the upper 102000 yuan / ton pressure.

Lenny opened at US $11860 / ton yesterday and immediately moved above the daily moving average and went up along the daily moving average, adjusting sideways after being under pressure at the 60-day moving average of US $12000 / tonne. in the afternoon, Lunni tried to break through the upper resistance, reaching US $12075 / ton at one point, the highest point of the day, but soon fell under pressure and fell below the Waner mark again. During the night, Renni rose again, pulling all the way to the $12285 / ton position. It fluctuated slightly at the end of the day and finally closed at $12260 / ton, up 3.72% from the previous day's settlement price. The trading volume decreased by 264 lots to 5737 lots, and the position decreased by 686 lots to 217000 lots. Lunni closed yesterday in the Zhongyang column K column rooted in the 40-day moving average, upward through multiple moving averages, the lower averages crisscross, strong support, follow-up attention to Lunni can stand 12200 US dollars / ton.

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