SMM, May 29th:
The import supply of pure nickel has increased, but the downstream demand affected by the overseas epidemic has not yet recovered, the weakness of spot consumption of nickel under the mismatch between supply and demand is gradually exposed, and the performance of spot rising water is weak; the current situation of nickel pig iron is relatively anxious, although supply and demand is basically within a reasonable range, but the procurement strategy of large companies has an obvious impact on the short-term market, on the whole, short-term factors have the upper hand, or show a slightly weak concussion trend.
Lenny opened slightly higher at $12155 / tonne yesterday, followed Shanghai Nickel in the morning, quickly reached $12280 / tonne, and then fluctuated around $12240 / tonne around the 10 / 20 moving average. In the afternoon, Lunni rose again with Shanghai Nickel, reaching as high as US $12305 / ton, the highest point of the day. But soon came down under pressure, and after the close of trading in Shanghai, Lunni fell below the daily average line, falling to $12155, giving up all its gains during the day. After entering the European trading session, Renni was under selling pressure after a brief shock, then stabilized and rebounded after reaching US $12135, the center of gravity returned to the line of US $12220 / ton, under pressure of US $12260 / ton, and finally closed at US $12240 / ton. compared with the settlement price of the previous day, the settlement price increased by US $100 / ton, or 0.82%, to 3832 lots, and the position increased by 1934 to 214000 lots. Lunni closed at Xiaoyang Pillar yesterday, the 5 / 10 moving average above K column gradually adhered, and the shadow line reached 12300 US dollars / ton. Lunni is expected to fluctuate in a narrow range in the near future, waiting for the average lines to form a long line. Today, we will focus on the pressure of 12300 US dollars / tonnage.
The overnight Shanghai Nickel 08 contract opened at 100660 yuan / ton, reached 100850 yuan / ton at the beginning of trading, then fluctuated downwards under pressure, continued to explore the night low of 100050 yuan / ton after a narrow short-term fluctuation around 100400 yuan / ton, was supported and rebounded to the daily average of 100400 yuan / ton, and fluctuated slightly around the line until the close, closing at 100370 yuan / ton, down 360yuan / ton, or 0.36%, compared with the previous trading day, and the trading volume was 244000 hands. The position increased by 1306 hands to 88000 hands. Overnight, Shanghai nickel closed at the Xiaoyin column, the pressure above the K column was 20 / 40 daily average line and 101000 yuan / ton line, running in the range of 5 / 10 average line, follow-up pay attention to the resistance of the upper pressure level.
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