SHANGHAI, May 14 (SMM) – Wednesday evening, SHFE 1507 nickel started at RMB 112,100/mt and then moved lower to RMB 109,250/mt. The contract rebounded slightly at the tail of trading and finished lower at RMB 110,230/mt. Trading volumes jumped 97,236 to 424,000 lots and positions climbed 5,578 to 129,000.

The July delivery nickel contract opened lower at RMB 109,990/mt Thursday and then fluctuated between RMB 108,700-109,300/mt.Trades for SHFE 1509 nickel picked up after recent adjustment. In the afternoon business, SHFE 1507 nickel dropped but later rolled back the losses, to finish down at RMB 109,400/mt. Trading volumes for SHFE nickel were up 7,928 to 761,000 lots while positions decreased 2,484 to 121,000.

SHFE 1507 nickel is expected to fall back this evening as more longs left market.