SHANGHAI, Jul. 20 (SMM) – SHFE 1509 nickel moved between the 5 and 10-day moving averages after opening last Friday evening session lower at RMB 84,800/mt. The price finally finished at RMB 85,600/mt, off 0.88%.
The most active contract started higher at RMB 85,100/mt during Monday trading session and reached RMB 85,650/mt. But later, the price touched a low of RMB 84,630/mt due to slipping gold and LME nickel prices. Iron ore rose to daily limit and SHFE nickel responded by rallying in the afternoon, to close at RMB 85,650/mt, gaining 0.13%. Trading volumes fell 14,818 to 575,000 lots but positions increased 6,212 to 189,000.