SMM, July 17:
Shanghai Nickel 2010 contract opened at 106860 yuan / ton today, showing an overall downward trend during the day. Immediately after the opening of trading, Shanghai Nickel fell to 106600 yuan / ton, then short positions were reduced, and Shanghai Nickel rebounded to 107350 yuan / ton. The position is under pressure 5-day moving average, Shanghai nickel upward power is insufficient, bulls reduce positions short to follow, Shanghai nickel all the way down to the daytime low of 106130 yuan / ton. In the afternoon, Shanghai Nickel rose first and then fell, showing an inverted V-shaped trend. the high point tested the daily average pressure of 106900 yuan / ton, and finally quoted at 106320 yuan / ton, up 150 yuan / ton, or 0.14%, compared with the settlement price of the previous trading day. The turnover was 682000 lots, and the position decreased by 8937 lots to 133000 lots. Today, the bearish sentiment in the market gradually digested, and the downward trend of nickel futures slowed down. Although it closed negative, the decline was small. Shanghai Nickel closed today at the long upper shadow line, the 10-day moving average, and the lower 106000 yuan / ton level was propped up. Pay attention to the support situation of this level at night.
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