SHANGHAI, Sept. 16 (SMM) – For Tuesday evening session, SHFE 1601 nickel opened higher at RMB 77,320/mt in response to a rally in LME nickel. The contract then advanced to RMB 79,280/mt before closing at RMB 78,450/mt.
On Wednesday, the most active contract started at RMB 78,430/mt and then fell back with shorts gathering strength. Later, the contract bounced back as a rally in Chinese stock market improved market sentiment, to close at RMB 78,950/mt, up 2.59%. Trading volumes grew 384,000 to about 1.47 million lots but positions dropped 1,650 to 248,000.