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[SMM Nickel Morning News] Lunni fluctuated sharply at night to run Shanghai Nickel to explore the 100000 mark again.
May 27,2020 08:55CST
translation
Source:SMM
[SMM Nickel Morning Review] Lunni closed at Xiaoyang column yesterday, with K-column rising through the 10 / 20 moving average and facing 10-day moving average pressure. Lunni opened at 12310 US dollars / ton today. Follow-up the operation of Lunni's 10-day moving average under pressure. Overnight, Shanghai nickel closed in the long lower shadow line Xiaoyin column, the K column runs through multiple averages, and the averages are gradually adhering to each other. The shadow line probes down to the 100000 level, and then pays attention to the vibration of Shanghai Ni above the 100000 level.
The content below was translated by Tencent automatically for reference.

SMM, May 27th:

In recent days, there has been no obvious change in the fundamentals of pure nickel, the price of nickel ore has increased significantly, and the cost support of nickel pig iron has been strengthened, but the rise of stainless steel has temporarily slowed down, the rise of raw material prices is difficult, and short-term prices are running smoothly. We still need to pay attention to the sharp fluctuations in nickel prices caused by changes in macro sentiment except fundamentals.

Lunni jumped as low as $12215 / tonne yesterday and immediately rose to $12350 / tonne after opening, giving up gains and adjusting around the 20-day moving average of $12240 / tonne. In the afternoon, Renni concussion upward, gradually recovered the downtrend to explore $12400 / ton, the 5-day moving average fell under pressure, the 20-day moving average of $12240 / ton was once again supported upward, and finally closed at $12415 / ton. compared with the settlement price of the previous day, the settlement price rose 70 US dollars / ton, or 0.57%, the trading volume was 4653 lots, and the position decreased by 437 lots to 214000 lots. Lunni closed at Xiaoyang column yesterday, K-column up through the 10 / 20 moving average, the top facing 10-day moving average pressure, Lunni opened at 12310 US dollars / ton today, follow-up to follow the operation of Lunni's 10-day moving average under pressure.

The overnight Shanghai Nickel 2008 contract opened high at 101480 yuan / ton. at the beginning of trading, Shanghai Nickel fluctuated in a narrow range around 101300 yuan / ton, and then the short positions increased sharply. Shanghai Nickel short-term diving once again fell below the 100000 level to 99880 yuan / ton. After being supported by this level, the center of gravity rebounded, and the center of gravity rose to 100800 yuan / ton. It fluctuated within a narrow range of 100600, 101200 yuan / ton, and finally closed at 100780 yuan / ton, down 240yuan / ton compared with the previous trading day. It fell 0.24% to 313000 lots, while its position increased by 5210 lots to 78000 lots. Overnight, Shanghai nickel closed in the long lower shadow line Xiaoyin column, the K column runs through multiple averages, and the averages are gradually adhering to each other. The shadow line probes down to the 100000 level, and then pays attention to the vibration of Shanghai Ni above the 100000 level.

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