SHANGHAI, May 22 (SMM) – SHFE 1507 nickel fell back after a high Thursday night, to open at RMB 100,960/mt and then hit a high of RMB 103,370/mt as longs entered market. But the contract retreated gradually after touching the 5-day moving average, to end at RMB 101,850/mt, gaining 0.77%.
The July-delivery nickel started at RMB 101,890/mt Friday and then dived to RMB 98,730/mt from RMB 102,300/mt. Later the contract rebounded on correction. But in the afternoon business, the metal lost rising momentum to fluctuate around RMB 100,000/mt and finally finished down 1.38% at RMB 100,070/mt. Trading volumes fell 262,000 to 742,000 lots and positions dropped 3,624 to 110,000.
SHFE 1507 nickel should inched lower tonight.