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[SMM Nickel brief Review] Shanghai Nickel briefly corrected the irresistible decline trend and a large number of bulls left the market to return to the shock pattern of the nickel market.
May 22,2020 16:10CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, May 22:

In terms of Shanghai Nickel, a number of contracts in Shanghai Nickel plunged sharply before the close of trading last night, resulting in a suspected "own finger" incident. After the market opened this morning, it was revised according to the price difference between internal and external trading. Shanghai Nickel 2007 main contract opened at 102890 yuan / tonne. After a large number of positions were closed immediately at the beginning of the session, Shanghai Nickel fell to 102800 yuan / ton first-line shock. After 9:30, the short-term attempted to enter the market to exert pressure, and the bulls continued to close their positions and leave. Shanghai Nickel fell above the 100000 mark, subject to the 20-day moving average pressure, running at 100,200m2 and 101000 yuan / ton until the afternoon. After about 14: 00, Shanghai Nickel fell below 100, 000, and the long-empty line around 99700 yuan / ton fled the market one after another, with the lowest falling to 99520 yuan / ton during this period, the lowest point in the day. Shanghai nickel finally closed at 99760 yuan / ton, down 4670 yuan / ton from yesterday, a drop of 4.47%. Bulls left the market in large numbers, with their positions reduced by 37198 to 79672 compared with yesterday, while trading volume increased by 200000 to 636000. At present, in the macro aspect, the market has high expectations for the policy, but there is no clear positive at the moment, superimposing the panic caused by yesterday's suspected "own finger" incident, making Shanghai Nickel give up all the gains in the week. However, over the past month, most of Shanghai Nickel has been operating within the 98000 RMB102500 / ton platform channel, and in the case of relying on the lower 40 / 60 daily moving average support, the future of Shanghai Nickel will still be dominated by consolidation and lower support. Next week, Shanghai Nickel is expected to continue to fluctuate between 98800 and 102500 yuan / ton next week.

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