SHANGHAI, May 5 (SMM) – The most active SHFE 1507 nickel opened at RMB 107,850/mt Monday night. The contract later moved higher at RMB 109,230/mt, but met resistance at RMB 110,000/mt. Then the July-delivery nickel closed at RMB 108,060/mt, gaining 0.45%. Trading volumes dropped 32,654 to 246,190 lots. But positions rose 5,558 to 134,260.
SHFE 1507 nickel started at RMB 107,800/mt Tuesday and then fell considerably to touch the 5-day moving average after hitting a high, to dip a low of RMB 106,160/mt. Later the July-delivery nickel rolled back early losses to end the day at RMB 107,960/mt. Trading volumes rose 25,886 to 272,076 lots. But positions dropped 634 to 133,626.
SHFE 1507 nickel is expected to increase further as LME nickel rose above USD 14,000/mt during European and American trading hours.