SHFE 1509 Nickel Price up 1.62% at RMB 96,390/mt on Declining Shorts (Jun. 24, 2015)

SHANGHAI, Jun. 24 (SMM) – The most trading 1509 nickel on SHFE opened higher at RMB 95,510/mt during Tuesday evening session and advanced to RMB 96,300/mt. Then the price moved around RMB 96,000/mt and ended the session at RMB 96,080/mt, gaining 1.08%.

The contract started Wednesday trading session at RMB 96,090/mt and kept fluctuating between RMB 95,000-96,000/mt. The most trading contract followed LME nickel up in the afternoon business, to finish up 1.62% at RMB 96,390/mt. Trading volumes climbed 178,000 to 336,000 lots while positions fell 3,534 to 215,000.

Markets expect SHFE 1509 nickel to hover between the 5-day and 10-day moving averages tonight. LME nickel fell slightly following a high during European and US trading hours.