SHANGHAI, Jul. 9 (SMM) – SHFE 1509 nickel started at RMB 75,230/mt during Wednesday evening session and ended at RMB 80,130/mt with the high-end price at RMB 81,590/mt. Positions plunged 16,286 to 174,000.
The contract started Thursday trading session at RMB 80,020/mt and touched a high of RMB 86,050/mt as China’s three major stocks hit daily upside limit on Thursday, strengthening market confidence. The price ended the day at RMB 83,600/mt, up 2.23%. Trading volumes were up 1,016,000 to 1,041,000 lots while positions fell 21,428 to 169,000.
SHFE nickel should increase further this evening with recovering market confidence.