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[SMM stainless Steel Futures Review] Nickel pull-up probing high of 13700 yuan / ton 5 / 10 moving average for SS2009 contract period provides strong support.
Jul 24,2020 16:36CST
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SMM, July 24th,

[SMM stainless Steel Review]

The night market of SS2009 contract opened at 13510 yuan / ton. At the beginning of the session, short positions were mainly reduced, breaking through the 13600 yuan / ton mark, and then fluctuated in the 13580-13635 yuan / ton range as a whole. It finally closed at 13635 yuan / ton. Today, it opened at 13635 yuan / ton. After opening, the bulls increased their positions to the first line of 13730 yuan / ton, followed by a callback, revised down to 13675 yuan / ton, and then rose to around 13730 yuan / ton after shock operation. At around 11:15, short positions were dominated, with stainless steel contracts falling near the opening price of night trading, followed by a concussion upside supported by the 5 / 10 moving average. Finally, it closed at 13690 yuan / ton, an increase of 280yuan / ton, or 2.09%, over the settlement price of the previous day. The daily trading volume was 33509 lots, and the position decreased by 6603 lots to 25507 lots.

All day, the SS2009 contract closed in the upper shadow line in the positive column, driven by the nickel pull up last night, the stainless steel contract opened slightly upward this morning, probing 13700 yuan / ton line, the K-column as a whole stood above the 5 / 10 moving average, and the 5 / 10 moving average crossing 13500 yuan / ton line to provide strong support. Follow-up to pay attention to the support of the 5 / 10-day moving average under the SS2009 contract.

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