SHANGHAI, Aug. 7 (SMM) – SHFE nickel started Thursday evening session at RMB 80,700/mt and then ranged between RMB 80,500-81,000/mt, to end at RMB 80,540/mt.
The contract opened at RMB 80,590/mt for day trading Friday and moved lower towards RMB 79,930/mt. The price rallied near session’s end before closing at RMB 80,700/mt. Trading volumes grew 35,356 to 365,000 lots and positions rose 1,034 to 149,000.
Strong resistance emerges at the 5-day moving average and thus SHFE nickel is likely to fall this evening.