SMM, July 24th:
Tensions between China and the United States melted away. Yesterday, Musk, chief executive of the electric car maker, called on miners to increase nickel mining during the second quarter earnings conference call, saying: "if you mine nickel efficiently in an environmentally friendly way, Tesla will provide you with a huge contract for a long time." At the same time, he said that Tesla's next automatic assembly plant will be set up in Austin, Texas. The news spurred a sharp rise in the price of nickel. The overnight Shanghai Nickel 10 contract short jump opened high at 106990 yuan / ton. Shanghai Nickel rose late in the day following the Lunni trend, and the night trading continued the upward trend. At the beginning of the session, short positions were mainly reduced sharply. Shanghai Nickel fluctuated all the way up, bearing pressure on the 108000 yuan / ton gate for short-term consolidation. Then bulls followed up. Shanghai Nickel broke through the upper resistance to 108600 yuan / ton, fluctuated in a narrow range around 108500 yuan / ton until the close, and was quoted at 108670 yuan / ton. Compared with the previous trading day, the settlement price increased by 2630 yuan / ton, or 2.48%. The trading volume was 551000 lots, and the position increased by 4823 lots to 139000 lots.
Overnight, Shanghai Nickel closed at the Zhongyang column, the K column jumped above the averages, and the center of gravity was at the 108000 yuan / ton mark. Today, we will be concerned about whether Shanghai Nickel can stand firm at the 108000 yuan / ton mark. Lunni opened at US $13080 / ton yesterday. After opening, the center of gravity of Lunni went down to US $13020 / t. It fluctuated around the center of gravity in a narrow range before and at noon. Stimulated by the above news surface in the afternoon, Lunni pulled up all the way, breaking above US $13500 / ton to US $13550 / ton, and the pressure slightly fell back to the position of US $13440 / ton. after the opening of Shanghai Nickel, Lunni went up again with Shanghai Nickel, probing up US $13700 / ton, and finally closed at US $13685 / ton. Compared with the previous trading day, the settlement price increased by US $605 / ton, or 4.63%. The trading volume was 13000 lots, and the position increased by 36 lots to 197000 lots. Lunni closed at Changyang column last night, K-column upward through the moving average pressure, probing 13700 US dollars / ton gate, today Lunni opened at 13680 US dollars / ton, pay attention to the pressure above the integer gate during the day.
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