SMM, July 2:
Shanghai Nickel 2008 main contract opened at 102580 yuan / ton today, after a brief horizontal market shock, then fell to 5 / 40 daily moving average of 102200 yuan / ton. In the second trading session of the morning market, Shanghai nickel fell below the daily average of 102050 yuan / ton, bottomed out to the lowest point of 101840 yuan / ton, and then stabilized and rose to around 102100 yuan / ton. In the afternoon, Shanghai Nickel showed a shock upward trend, backed by the 40-day moving average to support continuous exploration, until under the pressure of 102800 yuan / ton above the 20-day moving average, it finally closed at 102750 yuan / ton, up 730 yuan / ton, or 0.72%. Today, the turnover of Shanghai Nickel 2008 contracts was 156497 lots, with a position reduction of 7782 lots to 71962 lots, while in Yuanyue, the turnover volume of Shanghai Nickel 2010 contracts was 345814 lots, with a position increase of 2247 lots to 64154 lots. Last night, the United States announced a sharp increase in ADP employment, when EIA crude oil inventories fell more than expected, the market macro mood was optimistic, and the boost to base metals continues to this day. However, the weak fundamentals of the nickel market have not improved, and the short-term will continue to consolidate around the staggered moving average above 100000. In the evening, pay attention to the guidance of the trend of the outer disk, and test whether the main force of Shanghai Nickel can change the month with the help of the rising trend.
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