SMM7 March 16:

Shanghai Nickel's main 2010 contract opened at 107820 yuan / ton in the morning market, showing a concussion and slow downward trend at the beginning of trading. After briefly stopping near the high of 107500 yuan / ton, it gradually slipped and away from the daily average line. The afternoon market closed at around 106500 yuan / ton. In the afternoon, it accelerated the decline, fell 105200 yuan / ton, almost touched the lower 20-day moving average, and then the short positions pulled back, the market recovered to a low level, and the market returned to above 106000 yuan / ton in late trading. It closed at 106170 yuan / ton, down 2520 yuan / ton, or 2.32%. The position reached 142000 lots, a decrease of 2920 lots, and a turnover of 938000 lots, an increase of 247000 lots. There has been a significant reduction in positions in contracts in recent months today, with a total reduction of 8517 positions in 2008 and 2010, with each contract falling by more than 2 per cent. The main contract today fell below the 5-day, 10-day moving average, pointing to the 20-day moving average, the decline was alleviated, giving up the rally since last week. Today, A shares plunged 4.5%, dragging down the commodity market is green, the early bulls escape from the market, short-term homeopathy crackdown, technical indicators are weak. In the evening, Ruolun Nickel can stop falling and stabilize, and Shanghai Nickel will also continue to seek support at the 20-day moving average.

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