SMM, May 22:
The overnight Shanghai Nickel 07 contract opened at 105800 yuan / ton. From the opening of night trading to the minute before closing, the trend of Shanghai Nickel was stable, with a narrow range above 105000 yuan / ton support, but the long-term Shanghai Nickel left the market sharply and fell directly to the limit. It closed at 96070 yuan / ton, down 9040 yuan / ton, or 8.60%, compared with the previous day. The trading volume was 253000 lots, and the position decreased by 7508 lots to 109000 lots. Follow-up need to be wary of bulls opening a substantial increase in positions to enter. The speculation about Shanghai Nickel's multiple contract limit board is roughly as follows: market analysis of the nickel slump may be a big family's cut order or own single. At present, one of the hidden problems of electronic trading in the financial market is that in the event of a huge impact of large orders at some sensitive points, it may cause price changes in the case of lack of liquidity, and lead to procedural and arbitrage conditions to further lead to price imbalance and intertemporal cross-market and cross-variety decline. In addition, there are no obvious negative factors in the fundamentals, Indonesia has not released the relevant signals related to the liberalization of nickel ore exports, at present, stainless steel prices remain high, nickel pig iron is strongly supported by nickel ore costs, and nickel spot trading remains weak, but there is marginal room for improvement in the future, so market speculation may be intentional operation for funds.
Lenny opened at US $12700 per tonne yesterday and immediately turned red after a brief low after the opening, then went straight up to US $12805 per tonne. After that, it fell under pressure, but generally fluctuated in a narrow range around the daily average of $12730 / ton until the end of the Asian market. After entering the European trading session, Lunni showed a rising momentum again, first reached 12815 US dollars / ton, and then the European region announced that the initial value of Markit manufacturing PMI in May was higher than expected, helping Lunni to reach the intraday high of 12910 US dollars / ton. Subsequently, the pressure concussion fell, with the pressure concussion below 12800 US dollars / ton. At the end of the day, Shanghai Nickel fell sharply to close at 12420 US dollars / ton, down 2.28% from the previous day's settlement price. The trading volume was 8257 lots, and the position decreased by 309 lots to 213000 lots. Lunni closed at the mid-pubic column yesterday, and the support of multiple moving average lines below is still there. Lenny opened at 12420 US dollars / ton today and immediately pulled back after opening. There was a big decline last night, and follow-up attention will be paid to whether Lunni can repair last night's decline and return to its high level.
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