SHANGHAI, Aug. 28 (SMM) – SHFE 1611 nickel started at RMB 76,400/mt on Thursday night and once hit daily upside limit as LME nickel grew due to upbeat economic figures from US, to close at RMB 78,660/mt.
The contract started Friday trading session at RMB 78,800/mt and then rose to daily limit with shorts exiting market. But later, the prices fell back. In the afternoon business, the contract hovered at highs thanks to a rally in Chinese stock market before ending at RMB 78,610/mt, surging 3.22%. Trading volumes were up 152,000 to 625,000 lots while positions fell 22,188 to 205,000.