SHANGHAI, May 12 (SMM) – SHFE 1507 nickel opened Monday’s evening session at RMB 113, 300/mt and lurched higher to RMB 115,060/mt. But the contract fell back later as shorts gathered the strength, to finally end at RMB 112,360/mt. Trading volumes were up 213,000 to 585,000 lots and positions climbed 1,154 to 129,000.
SHFE 1507 nickel started Tuesday at RMB 112,450/mt, but lacked the rising momentum as the longs closed positions. In the afternoon business, the July delivery contract dropped in response to falling LME nickel. The contract finished the day down at RMB 111,600/mt. Total trading volumes rose 144,000 to 872,000 lots whereas positions decreased 1,518 to 127,000.
LME nickel should fall back tonight.