SHANGHAI, Sept. 9 (SMM) – SHFE 1601 nickel opened higher at RMB 78,240/mt for night trading Tuesday and once drifted higher to RMB 78,460/mt answering to exit of shorts and expectation for China’s monetary easing. Positions declined 10,918 to 238,000.
During Wednesday trading session, SHFE nickel advanced RMB 78,870/mt at one point after starting at RMB 78,240/mt. Nonetheless, in the afternoon business, the contract retreated earlier gains due to a modest fall in Chinese stock market, exit of longs and softening market confidence, to close at RMB 77,790/mt, up 2.1%. Trading volumes jumped 658,000 to 1.25 million lots but positions decreased 11,202 to 238,000.