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[SMM Nickel brief Review] bulls stop surplus, Shanghai Nickel rushes up and falls back to Nickel Night Market pays close attention to the consolidation of Nickel Market
May 20,2020 17:05CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, May 20:

The Shanghai Nickel 2007 main contract opened slightly lower at 102300 yuan / ton today. Shortly after the opening, the bulls actively entered the market. Shanghai Nickel immediately crossed the daily average line of 102500 yuan / ton, reaching a daily high of 103120 yuan / ton. After 10:00, the bulls began to stop their earnings and reduce their positions, and the short-term also tried to enter the market. Shanghai Nickel gradually fell back. In the second trading session of the morning market, Shanghai Nickel fell below the daily average line, reaching as low as 102100 yuan / ton. After a short game in the afternoon, Shanghai Nickel rose slightly and then fell back, but as the long and empty left one after another, Shanghai Nickel still closed near the daily moving average, closing at 102580 yuan / ton. The settlement price is up 1170 yuan / ton, or 1.15%, from yesterday. The position decreased by 3927 lots to 100000 lots, and the trading volume decreased by 143000 lots to 305000 lots. Today, Shanghai Nickel tried to make a breakthrough to the previous high of 103700 yuan / ton, but it fell under pressure after going up, and only Yin Cross Star was recorded. Positions show that the bulls have the momentum to stop profits, at night, we need to pay attention to the trend of the outer disk and the US dollar to test whether Shanghai Nickel can break through again after the consolidation of 102000 yuan / ton.

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