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[market changes] after the panic crash, Shanghai Nickel opened with a sharp correction of its decline.
May 22,2020 09:13CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 March 22: after last night's shock limit of Shanghai Nickel, the opening of Shanghai Nickel was substantially revised. As of 9:10, the decline of Shanghai Nickel 2007 contract narrowed to 1.51%.

Last night the nickel market again demon "nickel" appeared, in the last 2 minutes, a number of Shanghai nickel futures contracts suddenly dived, of which 2006, 2007, 2011 contracts fell to the limit, the main contract 2007 fell 8360 yuan, a drop of 8.01% to 96070 yuan / ton.

At present, most of the operators believe that the slump has nothing to do with the fundamentals, which may be caused by procedural trading or Oolong. The possibility of malicious manipulation has also been raised but there is a lack of argument. Fundamentally speaking, there is no obvious bad news, Indonesia has not released information related to the liberalization of nickel mine exports.

SMM believes that although the nickel price rose by a large margin the day before yesterday, it can comply with the overall positive trend of fundamentals in the direction. 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 room for marginal improvement in the future, so it is not a good choice for bulls to close a large number of positions in the short term, and the space for nickel price withdrawal is limited. and there is still a gap between the current nickel price and the level of 106000 yuan / ton before the Spring Festival, and the theme of demand recovery after the epidemic still has room for fermentation, and it is expected that there is still some room for nickel prices to rise.

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