SHANGHAI, May 8 (SMM) – The most-traded July nickel contract on Shanghai Futures Exchange started at RMB 113,700/mt Thursday night and then dived to RMB 110,550/mt before finally finishing at RMB 111,210/mt. Trading volumes were up 266,000 to 584,000 lots whereas positions were down 438 to 123,000.
The July-delivery nickel opened Friday morning session at RMB 111,220/mt and then touched the 5-day moving average, to move lower to RMB 110,000/mt. Then the contract rebounded following LME lead, to end at RMB 112,750/mt. Trading volumes dropped 90,636 to 878,416 lots while positions fell 5,122 to 118,556.
LME nickel is expected to rebound this evening.