Daily Report

31 Aug-2018

Yesterday, LME nickel opened slightly higher on $ 8,900 / ton, LME nickel continued yesterday after opening the trend continues to rise, well stand on the 10 day moving average, rushed up to touch the way to $ 9,330 / ton, enter the European session, the dollar up, LME nickel pressure, pared some gains, European time pressure on day moving average around $ 9,100 to do narrow finishing, after consolidation mainly in shock, running between $ 9000-9200, closing at $ 9,120 / ton, or 2.36% . Yesterday's trading volume increased 382 hand to hand 9702, 496 hand positions increased to 240,130 hand, yesterday LME nickel stocks fell 618 to 411,228 tons.


        Shanghai Stock Exchange stock, morning, Jinchuan Nickel Wuxi spot representing the main contract premium 800 yuan / ton traded, Russian Nickel spot representing the main contract Wuxi premium 100 yuan / ton traded, nickel continued rebound, trade turnover was still active, lower procurement has decreased , transactions in general. Afternoon, nickel pared gains, traders on the recent rumors of joint production and purchasing and storage bullish sustainability worries kept on the market, but the short-term to see the high nickel prices still slightly oversold bounce, more willing to purchase at a low premium Jinchuan Nickel, transactions in general.


        The dollar continued to rise, led by Jinchuan nickel prices meeting, expected to continue today slightly higher LME nickel, long into the need to be cautious, tentative nickel material Shanghai 20 day moving average, runs between 70000-73000 yuan / ton, Jinchuan shipping, trade shipping business actively, expected spot price rebound.


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