[SMM Nickel brief Review] funds pour into the nickel market and rise by more than 3% in a day to break the pattern and still need an effective breakthrough at the top.

SMM, July 3:

Today, the main force of Shanghai Nickel has completed the change of month. Shanghai Nickel 2010 contract opened at 103580 yuan / ton and fluctuated around 103700 yuan / ton after opening. At around 9:45, the Caixin service industry PMI, comprehensive PMI and comprehensive PMI announced in China in June were higher than expected. After the bullish sentiment in the market was boosted, the gradual increase of positions helped the nickel price quickly reach 105350 yuan / ton, and then consolidated around the first line of 10500 yuan / ton. Open in the afternoon, bulls push up sentiment unabated, still continue to increase positions, so that Shanghai Nickel continues to rise steadily, until the end of the day did not leave a large number of funds. In the end, Shanghai Nickel closed at 105840 yuan / ton, up 3330 yuan / ton, or 3.25%. Shanghai Nickel 2010's main contract turnover was 529804 lots, and its position increased by 29899 lots to 94053 lots, while 2008 contract positions also increased by 6709 lots to 78671 lots in recent months. The optimism of recent macro data has led to an increase in market risk appetite. Shanghai Nickel, which has a weak trend during the week, rose sharply in favor of capital today, while other base metals gave up their gains during the week. At present, under the condition that the fundamentals of Shanghai Nickel have not been improved, whether it can break the shock pattern of the past three months, we still need to pay attention to whether the main force of Shanghai Nickel can effectively repair the 106000 yuan / ton jump pressure level in the near future. Pay attention to the changes in the main positions of Shanghai Nickel in the evening, and be cautious about the price fluctuations brought about by the risk aversion of funds over the weekend.

"Click to view SMM exclusive historical price data

Big data business contact: