SHANGHAI, Apr. 27 (SMM) – The most active SHFE 1507 nickel opened Friday’s evening session at RMB 98,000/mt and then lurched up to its daily limit at the tail of trading on weak US dollar and strong LME nickel, to close at RMB 101,490/mt, up 5%. Trading volumes climbed 112,000 to 179,678 lots and positions increased 9,408 to 123,224.
SHFE 1507 nickel opened at RMB 101,490/mt Monday morning and immediately increased to daily limit. Then the most active contract moved lower to RMB 100,810/mt on profit-taking. But then SHFE 1507 nickel climbed to daily limit again as more investors entered the market and finally closed the day at RMB 101,490/mt. Trading volumes totaled 62,226 lots and total positions were 116,290.
The hit to daily upward limit by SHFE 1507 nickel indicated strong bulls. LME nickel hovered around the 40-day moving average and is expected to increase further.