SHANGHAI, Aug. 14 (SMM) – SHFE 1601 nickel shifted to the most traded contract overnight, to start at RMB 83,350/mt and close at RMB 82,300/mt.
SHFE opened at RMB 82,720/mt for Friday trading session and then turned two-way with LME nickel. The contract moved between the 10 and 20-day moving averages for the whole day and finally ended at RMB 82,300/mt, off 1.43%. Trading volumes dropped 33,006 to 136,000 lots while positions grew 10,748 to 125,000.
SHFE 1509 nickel started Thursday evening at RMB 82,300/mt and then fell back, to close at RMB 81,740/mt.
On Friday, SHFE 1509 nickel opened at RMB 81,950/mt and hovered around RMB 82,000/mt before finishing at RMB 81,570/mt. Trading volumes declined 86,924 to 263,000 lots with positions down 400 to 113,000. SHFE 1601 turned to the most active contract but positions for SHFE 1509 nickel remained 113,000. Thus, the September nickel may fall further.