SHANGHAI, Sept. 8 (SMM) – SHFE 1601 nickel trended lower to the 10-day moving average after opening Monday evening session at RMB 76,870/mt, to end at RMB 76,200/mt. Positions were up 12,638 to 223,000.
SHFE 1601 nickel started at RMB 76,870/mt for day trading Tuesday. Despite LME nickel fluctuating at lows, SHFE nickel drifted lower and lost RMB 1,020/mt near noon with shorts gathering strength. But later, SHFE nickel followed Chinese stock market to rally and closed at RMB 76,190/mt, down 1.05%. Trading volumes surged 303,000 to 596,000 lots and positions rose sharply by 39,032 to 249,000.
SHFE 1601 nickel is predicted to grow this evening, contributed by exit of shorts.