SHANGHAI, Jun. 10 (SMM) – The most active SHFE 1509 nickel contract price opened at RMB 101,360/mt during Tuesday evening session and fell back as LME nickel rolled back earlier gains, to end at RMB 101,160/mt, gaining 0.25%
The contract dipped to RMB 100,800/mt Wednesday morning session after starting at RMB 101,360/mt. In the afternoon trading session, the metal hit a low of RMB 100,580/mt and then gradually regained some losses thanks to growing LME nickel in the afternoon, to finish the day down 0.12% at RMB 101,330/mt. Trading volumes reduced by 204,000 to 398,000 lots whilst positions were down 4,214 to 210,000 with longs exiting market.
LME nickel surged above USD 13,500/mt due to a weaker dollar during European trading hours. Thus, markets expect SHFE 1509 nickel to increase Wednesday evening.