SHANGHAI, Apr. 29 (SMM) –The most active SHFE 1507 nickel opened Tuesday’s evening session at RMB 102,490/mt and then hit a high of RMB 104,390/mt, near Monday evening’s highest price. Later the most active contract dropped to close at RMB 103,330/mt. Trading volumes climbed 54,670 to 167,028 lots and total positions rose 4,342 to 116,300.
SHFE 1507 nickel opened at RMB 103,230/mt Wednesday morning and then immediately fell fast. But later the most active contract hovered between RMB 102,000-102,600/mt. The July delivery nickel lurched down to move lower at RMB 102,500/mt after 2 pm but rebounded slightly at the tail of trading, to close the day at RMB 101,020/mt. Trading volumes surged 31,912 to 317,634 lots. But positions dropped 624 to 111,334 on profit-taking.
LME nickel moved below the 40-day moving average and now move near 5-day moving average. LME nickel is expected to fall further.