Shanghai, May 11 (SMM) – Last Friday evening, SHFE 1507 nickel started at RMB 111,810/mt and mainly hovered around the 5-day moving average. The contract late rose slightly as bulls dominated the market, and finally finished at RMB 112,220/mt. Trading volumes totaled 356,000 lots, up 61,000 lots. Positions were up 4,424 to 123,000.
The July delivery nickel fell below the 5-day moving average to touch day’s low of RMB 111,060/mt after opening Monday trading session at RMB 112,440/mt. Then the contract surged with growing long positions to hit day’s high of RMB 111,430/mt and ended at RMB 113,880/mt. Trading volumes for SHFE nickel decreased 150,000 to 728,000 lots while positions jumped 9,498 to 128,000.
LME nickel should mainly move around USD 14,500/mt tonight.