SHANGHAI, Oct. 21 (SMM) – On Thursday’s night trading, SHFE 1701 nickel started at RMB 80,400/mt and then fluctuated briefly. The contract dived due to positive US existing home sales and later stabilized before closing at RMB 80,090/mt.
On Friday, SHFE 1701 nickel opened at RMB 80,120/mt and declined slightly before rebounding. SHFE 1701 nickel remained downward momentum during the second trading hours on Friday morning. During the afternoon business, SHFE 1701 nickel fell further to RMB 79,360/mt after a brief fluctuation and finally closed at RMB 79,410/mt, down 1.62%. Trading volumes rose 5,670 to 516,000 lots and positions increased 31,000 to 539,000.
SHFE 1701 nickel should remain falling momentum on Friday’s night trading with negative technical indicators and firm US dollar index.
For queries, please contact Michael Jiang at michaeljiang@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn