[SMM Nickel Morning News] Nickel narrow amplitude concussion in Shanghai Nickel overnight Operation in the 5 / 10 moving average range

SMM, May 14: nickel fundamentals have not changed significantly, the short-term recovery for the consumer side is still weaker than the supply side, Russian nickel said yesterday that the annual nickel supply may be surplus 130000 tons. However, in fact, the domestic consumption of pure nickel is stable, and the main influencing factors will be reflected in the line from laterite nickel ore to nickel pig iron and then to stainless steel. the substantial improvement of stainless steel terminal consumption may lead to the recovery of nickel price.

Yesterday, Lunni opened at $12280 / ton, opening immediately down to a bottom of $12135 / ton, stabilized and rebounded after being supported by the 20-day moving average, all the way up to $12350 / ton, then under pressure to run at the opening position of $12280 / ton, shock adjustment. After entering the European trading session, disturbed by the decline in European industrial data, Lenny fell again, the 10-day moving average of $12180 / ton was supported, rebounded slightly at night, and the center of gravity rose to near the daily average of $12250 / ton. The amplitude gradually narrowed and finally closed at $12250 / ton, down 35 US dollars / ton, or 0.28%, compared with the previous day's settlement price, with a turnover of 3768 lots and a position of 217000 lots. Lunni closed in the small negative column yesterday, and the K-column ran within the range of the 5 / 10 moving average, and the shadow line went down to explore the 20-day moving average below the 10-day moving average. Lunni is expected to fluctuate widely within the 5 / 20 moving average today, but today we need to pay attention to the guidance of macro data such as the monthly market report on IEA crude oil and the number of initial jobless claims in the United States in the week to May 9.

Shanghai Nickel yesterday by macro PPI and CPI data weaker than expected, the day opened lower, the whole day to short-term capital operation, the shock is greater. Overnight Shanghai nickel opened at 101420 yuan / ton yesterday. The night market continued to fluctuate at the end of the day, the downward test of the 101000 yuan / ton mark, short-term shock consolidation still failed to effectively break through, short-term confidence was not enough to reduce positions, Shanghai Nickel once again returned to the opening price, and then the previous trend fell again, the same position was supported, and finally closed at 101170 yuan / ton, up 30 yuan / ton, or 0.03%, compared with the previous trading day, and the trading volume was 269000 lots. The position is 89000 hands. Overnight, Shanghai nickel closed in the small negative column, K column runs in the 10 / 20 moving average range, the fundamentals do not change significantly, Shanghai nickel today may maintain the concussion trend in the range of 100000-102000 yuan / ton.

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