SHANGHAI, Jun. 16 (SMM) – SHFE 1509 nickel started at RMB 97,400/mt during evening session Monday and then resisted to fall further thanks to rebounding LME nickel caused by weaker dollar, to close at RMB 97,880/mt, rising 0.31%.
The contract opened Tuesday trading session at RMB 97,910/mt and tumbled to RMB 95,340/mt with most base metals dropping, to finish down 2.53% at RMB 95,700/mt due to plunging LME nickel and shorts’ gathering strength. Trading volumes surged 71,312 to 386,000 lots with positions up 7,296 to 214,000.
SHFE 1509 nickel may fall below RMB 95,000/mt this evening. LME nickel hovered at low and failed to rebound during European and US trading hours.