1. Yesterday evening, the contracts of Shanghai Nickel 2006, Shanghai Nickel 2007 and Shanghai Nickel 20 1 1 fell by 8.0 1% to 96,070 yuan/ton.
2. Most opinions in the industry speculate that because there is no negative news, the large-scale instantaneous daily limit is not like the ordinary "oolong finger", which may be caused by abnormal programmed trading.
3. Multi-contract staged a one-minute limit. The day before the limit, the main contract of Shanghai Nickel rose by 2.5 1% in 2007, but yesterday's night market was very stable from opening to closing, and it plunged at the last minute until the limit. There are also Shanghai Nickel 2006 and Shanghai Nickel 20 1 1. In addition, contracts such as Shanghai Nickel 2008, Shanghai Nickel 2009 and Shanghai Nickel 20 10 are almost close to the daily limit.
4. Seeing such instantaneous diving, many people speculate that it may be caused by an oolong finger. It is understood that the "oolong finger" is often caused by the negligence or technical failure of traders. For example, they may have made a mistake in the direction, quantity and price of buying and selling, or just missed a decimal point. There may be poor market liquidity in individual contracts or individual time periods, which is prone to the phenomenon of oolong finger.
5. Most respondents in the industry said that it is not like an ordinary oolong finger, because many contracts in Shanghai Nickel fell at night. "Intertemporal arbitrage may lead to multiple varieties falling at the same time, but it depends on which variety is caused. Once a huge single impact occurs at some sensitive time points, it may cause price changes in the absence of liquidity, and trigger programmatic and arbitrage conditions, which in turn will lead to price imbalance and cross-market and cross-variety follow-up. " Some futures researchers said.
6. Some traders speculate that it should be caused by the misstatement of the main contract. The wrong quotation may come from market makers, large households or programmed transactions themselves, and the high probability is caused by operational risks. It triggered the mutual stepping of CTA high-frequency programming, because the market makers quoted all contracts, and most of the cross-month arbitrage strategies anchored the gadolinium exposure of the main contract, because the sliding point was more controllable, which might lead to the linkage decline of all contracts.
7. The researcher of the above-mentioned futures company believes that from the existing market information, there is no sudden news in the short-term industrial chain. Judging from the fundamentals of nickel and the corresponding performance of nickel, lightening positions based on fundamentals should not be the initiative of bulls. From the fundamental point of view of nickel, although our forecast of domestic primary nickel supply and demand balance is not ideal, the profit, output and price performance of stainless steel links are still supported, and such a big decline is not supported. There may be room for repair after a short-term deep decline, and domestic nickel rebounded before early trading.