SHANGHAI, Jul. 22 (SMM) – During Tuesday evening session, SHFE 1509 nickel started higher at RMB 87,670/mt before testing RMB 87,500/mt, to finish at RMB 86,760/mt, off 1.26%.
The most active contract fell to RMB 85,000/mt after opening Wednesday trading session at RMB 87,670/mt. Though news said that China will buy nickel, nickel oversupply still exists in market, boding ill for nickel prices. Thus, in the afternoon business, the contract dived to RMB 84,610/mt but later rallied to RMB 85,000/mt, to end down 3.02% at RMB 85,220/mt. Trading volumes grew 129,000 to 738,000 lots whereas positions slipped 12,338 to 183,000.