SHANGHAI, May 27 (SMM) – SHFE 1507 nickel started lower at RMB 99,990/mt Tuesday evening as LME nickel slipped considerably on strong US dollar and growing inventories. Later, the contract surged above RMB 100,000/mt, then kept fluctuating in that range and ended up 0.34% at RMB 100,350/mt.
SHFE 1507 nickel opened Wednesday trading session at RMB 100,420/mt and hovered around RMB 100,000/mt following a high of RMB 101,170/mt. The contract fell below RMB 100,000/mt in the afternoon but later rebounded above RMB 100,000/mt again, to finish at RMB 100,670/mt, gaining 0.66%. Trading volumes fell 144,000 to 406,000 lots. But positions were up 4,370 to 120,000.
SHFE 1507 nickel should fall below RMB 100,000/mt as Jinchuan Group cut ex-works price and as LME nickel dropped a lot during European and US trading hours.