SHANGHAI, Sept. 10 (SMM) – SHFE 1601 nickel extended losses on Wednesday night, to start at RMB 78,210/mt. The most actively-traded contract once dipped to RMB 77,300/mt and then found support at the 5-day moving average, to close at RMB 77,710/mt.
SHFE nickel opened lower at RMB 77,490/mt for day trading Thursday and then ranged between the 5 and 10-day moving averages. News of cut in nickel production stimulated SHFE nickel to trend higher before closing at RMB 78,710/mt, gaining 1.18%. Trading volumes decreased 206,000 to about 1,05 million lots but positions were up 13,438 to 251,000.
LME nickel extended gains since Thursday afternoon and thus SHFE 1601 nickel should continue to rise this evening.