SHANGHAI, Jun. 2 (SMM) - The most-trading SHFE 1509 nickel rebounded during Monday evening session in response to growing LME nickel. The contract opened at RMB 97,190/mt and then advanced to near RMB 100,000/mt due to longs entering market, after holding stably around RMB 98,900/mt. The prices ended the session at RMB 99,670/mt, gaining 2.95%.
SHFE 1509 nickel started Tuesday at RMB 100,060/mt and touched a low of RMB 98,600/mt. But the September-delivery nickel later rallied to hover around RMB 99,000/mt with support emerging. The contract soared to RMB 100,500/mt near session’s end due to the rise in LME nickel and investors’ speculation, to finish up 3.26% at RMB 100,280/mt. Trading volumes rose 257,000 to 429,000 lots and positions were up 22,492 to 179,000.
The contract may lose its rising strength on stronger resistance Tuesday evening and is expected to fluctuate around RMB 100,000/mt.