SHANGHAI, May 20 (SMM) – The July-delivery nickel contract on SHFE opened lower at RMB 105,500/mt Tuesday night and then plunged to its daily downward limit, to finish down 5% at RMB 102,340/mt. Total trading volumes were up 58,514 to 317,000 lots whilst total positions fell 7,918 to 108,000 as long positions exited.
The contract dropped to daily downward limit again after starting Wednesday trading session.
As such, some investors were willing to close their positions, totaling 9,408, with the metal ending down 5% at RMB 102,340/mt.
SHFE 1507 nickel should inch lower this evening.