SHANGHAI, May 4 (SMM) – London Metal Exchange is closed Monday on bank holiday. The most active SHFE 1507 nickel opened at RMB 106,010/mt. HSBC’s China manufacturing PMI for April released Monday morning was only 48.9, lower than expectation, weighing down the July-delivery nickel.
But the most active contract moved higher on strong bull to RMB 108,900/mt and fell slightly later to close the day at RMB 107,580/mt, up 1.48%. Positions climbed 2,732 to 128,702. Positive technical indicators indicate that SHFE 1507 nickel is expected to increase further.