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[SMM Nickel Morning News] Nickel showed an inverted V trend in Shanghai Nickel followed the crude oil trend of 13400 US dollars / ton.
Jul 8,2020 08:35CST
translation
Source:SMM
[futures Nickel brief Review] the overnight Shanghai Nickel 10 contract closed at the long shadow line Xiaoyin column yesterday, and the Boll line and the 5-day moving average under the k-pillar were supported. Today, we are concerned about whether Shanghai Nickel can hold the 107000 yuan mark. Lunni closed at Cross Star last night, following the trend of crude oil, showing a V-shaped. Below the boll line on-rail support, operating around 13400 US dollars / ton, Lunni opened at 13425 US dollars / ton today, today focus on the 13400 US dollars / ton gate position support.
The content below was translated by Tencent automatically for reference.

SMM, July 8:

The overnight Shanghai Nickel 10 contract opened at 107290 yuan / ton yesterday, and immediately explored the 107000 yuan / ton mark after opening, then the bulls increased their positions sharply, Shanghai nickel fluctuated upward, 107600 yuan / ton was under pressure and then continued to rise slightly to explore 108420 yuan / ton. after short-term consolidation, the bulls did not have enough pulling power to leave the market. Shanghai Nickel gave up all its overnight gains to 106820 yuan / ton and finally closed at 107160 yuan / ton. the settlement price rose 90 yuan / ton over the previous trading day. The volume increased by 0.08% to 407000 lots, and the position increased by 7949 lots to 139000 lots. The overnight Shanghai Nickel 10 contract closed at the long shadow line Xiaoyin column yesterday, and the Boll line and the 5-day moving average under the k-pillar were supported. Today, we are concerned about whether Shanghai Nickel can hold the 107000 yuan mark.

The Lunni Asian market opened at 13400 US dollars / ton yesterday and fluctuated in a narrow range after the opening, and then affected by the decline of Shanghai nickel, the center of gravity of Lunni fell to 13300 US dollars / ton above shock adjustment. At about 14:00 in the afternoon, Lenny was dragged down again by the selling pressure, falling to 13265 US dollars / tonne. After that, although the center of gravity returned to around 13320 US dollars / ton, after entering the European trading session, the dollar index continued to rise. Lenny fell to 13265 US dollars / ton and then stopped falling. The night market fluctuated back up, pulling all the way to $12480 / ton, followed by a sharp fall in crude oil, followed by a drop of $13340 / tonne. Lenny slightly made up for the decline at the end of the day, closing at $13400 / ton, unchanged from the previous day's settlement price, with a trading volume of 7646 lots and a position increase of 301 lots to 203000 lots. Lunni closed at Cross Star last night, following the trend of crude oil, showing a V-shaped. Below the boll line on-rail support, operating around 13400 US dollars / ton, Lunni opened at 13425 US dollars / ton today, today focus on the 13400 US dollars / ton gate position support.

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