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[SMM Nickel Morning News] Lunni Nickel rose sharply at night to test the support of 102200 yuan / ton position at Shanghai Nickel at 12500 US dollars / ton pass.
May 20,2020 08:51CST
translation
Source:SMM
[SMM Nickel Morning Review] Lunni closed at Xiaoyang Pillar yesterday, the shadow line probed down the 10-day moving average, and the lower averages were crisscrossed with strong support. Lunni was faced with early shock high pressure of 12500 US dollars / ton above Lunni. Follow-up attention to Lunni bearing pressure at this position, oscillating above all averages. Overnight Shanghai Nickel closed at Yang Cross Star yesterday, supported by multiple moving averages below, and faced with US $12500 / ton pressure at the top. Follow-up attention will be paid to whether Lunni can continue the upward trend and test the high position of the early shadow line.
The content below was translated by Tencent automatically for reference.

SMM, May 20:

Fundamentals, there is no obvious change in the fundamentals of pure nickel, the two sessions are approaching, macro sentiment drives nickel prices up and down, and recently due to good vaccine research and development, promoted market optimism about economic recovery, nickel prices rebounded more obviously. In the part of nickel pig iron stainless steel industry chain, the shortage of nickel ore supply has appeared, the price of middle grade ore has no market, and the domestic nickel iron supply may be gradually tightened, which is good for nickel price in the short term. Nickel is expected to maintain a high shock market, Shanghai nickel operating range of 101200mur103500 yuan / ton, Lunni operating range of 12300Mel 12600 US dollars / ton. Lenny opened at $12285 / ton yesterday, fluctuating around a narrow range of $12280 / ton in the afternoon, and was supported by the 10-day moving average of $12220 / ton. The upward trend of shock showed in the afternoon, after rising to the position of $12380 / ton, the pressure fell back to the 10-day moving average, Lenny rose again in the European session, and continued to rise after hovering in the short term at $12450 / ton, finally closing at $12480 / ton. compared with the settlement price of the previous day, the settlement price increased by $220,220 / ton, or 1.79%. The trading volume was 6422 lots, and the position decreased by 429 lots to 217000 lots. Lunni closed in the small positive column yesterday, the shadow line probed down the 10-day moving average, below a number of averages crisscross, strong support, Lunni above facing the previous shock high of 12500 US dollars / ton pressure, follow-up attention to Lunni pressure at this position, oscillating above the averages. Overnight Shanghai Nickel 07 contract opened 102600 yuan / ton high, opened long positions, Shanghai Nickel concussion downward, 102200 yuan / ton gate position was supported, many times failed. The upper 102500 yuan / ton line was under pressure, and then Shanghai Nickel rose slightly, with the center of gravity rising to the front pressure level of 102500 yuan / ton, fluctuating in a narrow range until the close, and finally closing at 102610 yuan / ton, up 530 yuan / ton from the previous trading day, or 0.52%. The trading volume was 158000 lots, and the position decreased by 1611 lots to 102000 lots. Overnight Shanghai Nickel closed at Yang Cross Star yesterday, supported by multiple moving averages below, and faced with US $12500 / ton pressure at the top. Follow-up attention will be paid to whether Lunni can continue the upward trend and test the high position of the early shadow line.

 

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