SHANGHAI, Jul. 15 (SMM) – SHFE 1509 nickel started at RMB 84,880 /mt during Tuesday evening session and then advanced to RMB 85,770/mt. Later, the price hovered around RMB 85,500/mt, to close at RMB 85,520/mt.
The most active contract opened at RMB 84,880/mt during Wednesday trading session and touched an intra-day high of RMB 87,090/mt before ending at RMB 86,970/mt, gaining 2.53%. Trading volumes grew 28,572 to 860,000 lots and positions rose 1,142 to 188,000.
SHFE 1509 nickel should grow slightly this evening. LME nickel extended the rise during European and US trading hours. But attention should be paid to market reading of China's Q2 GDP and US's PPI number.
Toady was the last trading day for SHFE 1507 nickel, which started at RMB 85,500/mt and finished at RMB 87,500/mt, up 2.23% with the final settlement price at RMB 86,330/mt. Positions totaled 5,940 and unilateral delivery volume was 2,970 mt. Warrants canceled as of the end of Tuesday trading session totaled 7,870. Nickel inventories grew 3,575 mt on Monday, mainly Russian nickel, which acted as the main delivery goods for SHFE 1507 nickel.