SHANGHAI, May 21 (SMM) – Wednesday night, SHFE 1507 nickel touched RMB 102,070/mt after opening lower at RMB 100,490/mt. The contract finally ended down 1.01% at RMB 101,310/mt as longs closed positions at highs while shorts entered market.
The July delivery nickel started at RMB 101,520/mt Thursday morning and then reached RMB 102,530/mt in response to growing LME lead. But in the afternoon business, the metal dropped as shorts gathered strength, to finish down 2.41% at RMB 101,070/mt. Trading volumes fell 156,000 to 162,000 lots and positions fell 1,498 to 106,000.
SHFE 1507 nickel should test RMB 100,000/mt this evening with growing short positions.