SMM, May 21:
There was no obvious change in nickel fundamentals yesterday, and there were no obvious bearish and bullish events. Yesterday, macro sentiment led nickel prices to rise, pure nickel spot downstream demand is poor so that the transaction is light, the flow between traders is also inactive, the bidder is obviously more than the consignee; nickel pig iron, the holder due to the shortage of nickel ore, the rising cost will increase, but there is no downstream inquiry, the two sides intend to price differences. On the other hand, it is difficult for spot prices to rise, showing a downward trend yesterday. In the middle and first ten days of May, the market arrives more slowly and goes to the warehouse obviously. at the end of the month, the acceptance of goods in the lower reaches of rising prices becomes worse, and there may be the possibility of accumulating stocks again in the past two months. In addition, the two sessions will be held today, coupled with yesterday's EIA crude oil fell more than expected, macro mood is on the high side, today's nickel may maintain a strong shock trend.
Yesterday, Lunni jumped as low as US $12465 / ton, with an overall pressure of US $12500 / ton during the day. The center of gravity fluctuated slightly around the five-day moving average of US $12450 / ton. At 22:30 in the evening, EIA crude oil stocks in the US week exceeded expectations, and non-ferrous metals rose across the board. The increase in nickel futures was the most obvious. It broke the daytime pressure level, pulled up to US $12700 / ton, and finally closed at US $12710 / ton, up US $230,000 / ton over the previous trading day. Increased by 1.84%, trading volume was 6395 lots, position was 213000 lots. Lunni closed at Zhongyang column yesterday, Lenny stood steadily above the moving average yesterday, moving to a new space, above the $12700 / tonne line faces resistance, today Lunni opened at $12700 / tonne, today we will focus on the pressure of this resistance level.
Overnight, Shanghai Nickel opened at 102520 yuan / ton. At the beginning of the session, it fluctuated in a narrow range around 102600 yuan / ton. Stimulated by the same reason, bulls increased their positions by more than 10,000 hands, and Shanghai Nickel pulled up. After breaking 104000 yuan / ton, the rise slowed, bulls continued to increase positions, short positions fell at the end of the day, Shanghai Nickel shock rose to 104800 yuan / ton, and finally closed at 104790 yuan / ton. Compared with the previous trading day, the settlement price rose 2210 yuan / ton, an increase of 2.15%, and the trading volume was 202000 lots. Position increased by 20, 000 hands to 120000 hands. Overnight Shanghai Nickel closed at Zhongyang column yesterday, supported by multiple moving averages below, and faced with the pressure of 104800 yuan / ton pass above. Today, we pay attention to the resistance of Shanghai Nickel pass.
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