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[SMM stainless Steel Futures Review] the upside of SS2009 contract is not only driven by the rising nickel price, but also gives some support to the spot.
Jul 27,2020 18:14CST
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SMM, July 27th,

[SMM stainless Steel Review]

The SS2009 contract opened at 13755 yuan / ton today. After opening, the bulls increased their positions to 13965 yuan / ton. Then, the bulls reduced their positions and fell back, falling below the 13700 yuan / ton mark. In the afternoon, the overall center of gravity of the stainless steel contract revolves around 13730 yuan / ton and fluctuates slightly. Finally, it closed at 13720 yuan / ton, up 100 yuan / ton, or 0.73%, over the settlement price of the previous day. The daily trading volume was 36258 lots, and the position decreased by 5243 lots to 20264 lots.

Throughout the day, the SS2009 contract closed at the Yang Cross Star, close to the 14000 yuan / ton mark above, and gradually away from the 5 / 10 moving average below. Today, stainless steel prices up in addition to driven by nickel prices, stainless steel spot market transactions improved, spot prices have increased to varying degrees, and downstream acceptance is OK, the spot side also gives some price support. Today, futures prices are slightly higher than spot prices, followed by a focus on the resistance of 14000 yuan / ton above the stainless steel contract, and the price decline of changes in positions on both sides of the long and short positions.

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