Shanghai nickel fluctuated downward today, and the spot transaction improved [SMM Nickel Brief Comment]

SMM March 18th: On March 18th, the opening price of the main Shanghai nickel contract was 142,030 yuan/ton, and the closing price was 139,950 yuan/ton, a decrease of 1,920 yuan/ton from the closing price of the previous trading day. Intraday trading strengthened compared to the previous trading day, with an increase of 50,346 lots in volume and an increase in open interest of 2,737 lots...

SMM, March 18: On March 18, the opening price of the main Shanghai nickel contract was 142,030 yuan/ton, and the closing price was 139,950 yuan/ton, a decrease of 1,920 yuan/ton from the closing price of the previous trading day. Intraday trading strengthened from the previous trading day, with a volume increase of 50,346 lots and an increase of 2,737 lots in open interest. Under this combination, both the long and short sides increased their positions, but the short side actively increased their positions. This also shows that the bears' attitude is more resolute than that of the bulls, and they have a greater grasp of the subsequent decline of the market; At the same time, many parties are reluctant to admit defeat and passively increase their positions at a low level. Therefore, after the emergence of this combination, if the disk reacts excessively and the short-term price falls too much, it will trigger many parties to increase their chips and short-term speculators to intervene, and then superimpose the shorts' take profit and exit, in this case, the probability of a V-shaped reversal in the market is greater. On a macro level, the number of initial claims for unemployment benefits in the United States recorded 209,000 in the week to March 9, which was lower than the previous value and the expected value, reflecting the recovery of the immediate U.S. job market. From a fundamental point of view, the spot market transaction is still weak today, but after the nickel price fell in the afternoon, some downstream began to purchase today. To sum up, it is expected that nickel prices will fluctuate in the future.