SHANGHAI, Jun. 29 (SMM) – SHFE 1509 nickel opened lower at RMB 93,650/mt last Friday evening and closed at RMB 93,140/mt with the session low at RMB 92,650/mt due to shorts gathering strength. Positions surged 8,582 to 231,000.
The contract started Monday trading session at RMB 93, 150/mt and fell below RMB 90,000/mt as shorts entered market and as LME nickel dropped, to finish down 4.11% at RMB 90,360/mt, a fresh low since the contract was launched into market. Positions rose 8,846 to 231,000 and trading volumes increased 112,000 to 618,000 lots.
LME nickel dropped to a new low since 2009 during European and US trading hours. Thus, SHFE 1509 nickel is likely to fall below RMB 90,000/mt tonight.