SMM7 March 27:
Fundamental contradictions are not prominent this week, all kinds of news broke out multi-short intertwined nickel prices continued high shock. The demand for pure nickel is not good, but there is less import supply this week. During the period of high nickel price correction, there is still purchasing action downstream of rigid demand, and the overall performance is OK; nickel pig iron and stainless steel are also stable, and nickel pig iron is in a state of balance between supply and demand in the short term. Stainless steel market shipments in the near future, the fundamental contradiction is not prominent; The tension between China and the United States has intensified, the stock market and most commodities driven by bearish funds, the strength of safe-haven precious metals, and the general performance of overseas macro data; domestic policies to stimulate domestic demand, such as the transformation of old residential areas, and so on; Musk's speech advised nickel mines to increase production to provide material for emotional speculation.
After the nickel price was pushed to a high level, the fundamentals have no clear guidance and the news is multi-short and complex, and the short-term trend is highly uncertain. at present, although many operators expect to have a short-term mentality according to the fundamentals, the short-term funds are also mainly short-term operations. it is expected that nickel prices will continue to fluctuate widely, with Shanghai nickel 105000-110000 yuan / ton and Lunni 13000-13700 US dollars / ton.
The overnight Shanghai Nickel 10 contract opened at 107620 yuan / ton last Friday. After the night trading opened, it continued the upward trend at the end of the day. The bulls increased their positions by more than 10,000 hands, and Shanghai Nickel broke through the 110000 mark to 110150 yuan / ton. The pass is post-holiday high, the pressure is strong, it is difficult for the bulls to rise, the bears take advantage of the opportunity to suppress, the bulls take profits, and the Shanghai nickel concussion falls below the daily average line, and the center of gravity revolves around 108800 yuan / ton until the close, which is quoted at 108660 yuan / ton. compared with the previous trading day, the settlement price increased by 1040 yuan / ton, or 0.97%, the trading volume was 572000 lots, and the position increased by 11000 lots to 130000 lots. Overnight, Shanghai nickel closed at the small positive pillar of the long upper shadow line, and the upper rail pressure level of 110000 and Boll line was detected on the shadow line, and a technical crossing was formed around 107200 yuan / ton below the 5 / 20 moving average. Today, we will pay attention to the shock between this position and the 110000 gate.
Renni Asian market opened at US $13680 / ton last Friday. Immediately after opening, it turned green and shook at US $13630 / tonne. At noon, the Chinese side informed the US consulate general in Chengdu to close. Renni fell continuously and fell below US $13500 / tonne. In the afternoon, it even bottomed out to US $13310 / tonne. Then in this position by the 20-day moving average support began to rebound adjustment. After entering the European trading session, due to the better-than-expected PMI of the euro zone manufacturing industry in July, and the continuous strengthening of US crude oil prices, Lenny's trend strengthened. The overall trend fluctuated slightly around the daily average of 13470 US dollars / ton. When Shanghai Nickel Nickel opened, it followed the trend of Shanghai Nickel to rise to 13790 US dollars / ton, while the 13800 US dollars / ton mark under pressure fell slightly to 13635 US dollars / ton, down 50 US dollars / ton, or 0.37%, compared with the settlement price of the previous trading day. The turnover was 9898 lots, and the position increased by 2638 lots to 199000 lots. Lunni closed at the long shadow line Little Yin column last Friday, the high has reached a new high after the year, and the lower moving average is once again bullish. Lunni opened at 13650 US dollars / ton today, and the follow-up focus on the fluctuation of the high of 13800 US dollars / ton after the pressure year.
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