SMM, July 23:
After the close of trading in Shanghai Nickel yesterday, there was news of tension between China and the United States. The mood of risk aversion in the market heightened. The overnight Shanghai Nickel 2010 contract opened low at 105900 yuan / ton, and the short positions increased sharply. Shanghai Nickel continued the downward trend of opening, exploring a 60-day moving average of 104830 yuan / ton, and was supported to rebound to 105500 yuan / ton. The pressure fluctuated within a narrow range until the close of 105350 yuan / ton, down 1290 yuan / ton or 1.21% compared with the settlement price of the previous trading day. The turnover was 370000 lots, and the position increased by 12000 lots to 136000 lots. Overnight, Shanghai Nickel closed in the long lower shadow line Xiaoyin column, and the shadow line explored the 60-day moving average. Today, we still need to pay attention to the impact of changes in the situation between China and the United States on market psychology, and pay attention to the support of the 60-day moving average below Shanghai Nickel.
Lunni opened today at US $13450 / tonne. Shortly after opening, Lunni and Shanghai Nickel briefly reached an intraday high of US $13600 / tonne. After being under pressure, it fell back and fluctuated at the first line of 13490 US dollars / ton. At noon, the center of gravity of Lunni briefly rose above the $13500 / ton line, but was soon pushed down to $13400 / ton again. After entering the European trading session, due to the news of strained Sino-US relations, the market risk aversion increased, so Renni fell back continuously, falling to 13180 US dollars / ton. After that, Lunni rebounded in the short term under the support of the 20-day moving average, falling again to $13070 / ton under pressure of $13300 / ton. After a slight rebound, it closed at $13080 / ton, down $375 / ton, or 2.79%, from the settlement price of the previous day. The trading volume was 21000 lots, and the position increased by 1019 lots to 197000 lots. Lunni closed in the long upper shadow line, the middle rail of the lower Bol line was supported, and Lunni opened at US $13080 / tonne today. Today, we will focus on the pressure of US $13200 / tonne at the intersection of the 5 / 20 moving average above Lunni.
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