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[SMM Nickel Morning News]
Jul 20,2020 08:00CST
translation
Source:SMM
[futures Nickel brief Review] overnight Shanghai Nickel 10 contract closed at Zhongyangzhu, Shanghai Nickel reached a new high after the new year, Boll line opening trend increased, k-column pressure on the track 109000 yuan level operation, today focus on whether Shanghai Nickel can continue the upward trend to explore this barrier. Lunni closed in the positive column of the long lower shadow line on Friday, the K-column waist pierced the 5-day moving average, stood above the 10-day moving average, the shadow line went down to explore the 10-day moving average, the lower averages were neatly arranged, and Lunni had strong downward resistance. Lunni opened at 13555 US dollars / ton today. Today, we will focus on the resistance of 13600 US dollars / ton above Lunni.
The content below was translated by Tencent automatically for reference.

SMM, July 20:

The recent market is greatly affected by the capital side, although there has been a sharp correction in metal prices affected by the stock market last Thursday, but it has still maintained more gains since last week, and metal prices are still in a strong state under financial stimulus. Due to the lack of positive fundamentals, the room for nickel to continue to rise is limited, and the torrential rain in Sulawesi, Indonesia, does not seem to have a great impact on the smelter at present, but the recent bull market stimulated by capital also needs to be cautiously bearish. It is expected that this week 105000Mel 108000 yuan / ton, Lunni 13150Lok 13,700 US dollars / ton.

Last Friday night trading Shanghai Nickel 2010 contract opened at 106390 yuan / ton, due to the day's volatility lower. Therefore, after the opening of Shanghai Nickel night trading, it was once again under short selling pressure. Shanghai Nickel gradually fell below the 106000 yuan / ton line, falling to 105500 yuan / ton near the 20-day moving average. After the bulls slightly increased their positions, Shanghai Nickel rose again but was still under pressure at 106000 yuan / ton. After that, the short pressure did not decrease, so that Shanghai Nickel continued to retreat to the 20-day moving average. After long positions were cut and left in late trading, Shanghai Nickel finally closed at 105110 yuan / ton, down 1710 yuan / ton, or 1.6%. The turnover was 436107 lots, and the position increased by 6091 lots to 139578 lots. The mid-pubic column was recorded in the night disk, the waist pierced the 20-day moving average, and the lower shadow line fell back to near the middle track of boll, which still had strong support. Today, we are concerned about whether Shanghai Nickel can recover the lost land after consolidation.

Renni Asian market opened at US $13400 / ton on Friday. After opening, the center of gravity rose to US $13420 / t. Lunni consolidated slightly around the center of gravity. At 10:30, Lenny followed the trend of Shanghai Nickel down sharply, probing US $13300 / t all the way down. In the afternoon, Renni rebounded, breaking through the daily average to the opening price of $13400 / ton, and the center of gravity of Lenny fell back to $13315 / ton. After entering the US market, Lunni was again dragged down by the selling pressure of Shanghai nickel, and fell one after another, falling to around $13200 / ton at first, and then down by selling pressure in late trading, finally closing at $13115 / ton, down $344 / ton, or 2.56%. It recorded a mid-pubic column, but below the Wansan pass, the 20-day moving average adhered to the middle rail of the Boll line, with strong support. Today, we will focus on whether the Lunni bulls can rise again after the back support.

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