SHANGHAI, Sept. 24 (SMM) – SHFE 1601 nickel opened higher at RMB 76,940/mt during Wednesday evening session and then narrowly moved between RMB 76,800-77,000/mt, to close at RMB 76, 490/mt.
SHFE nickel once rallied to RMB 77,110/mt after starting at RMB 76,620/mt on Thursday. But later, the contract dipped to RMB 76,310/mt due to slip in SSE Composite Index, to end at RMB 76,760/mt, edging up 0.03%. Trading volumes fell 368,000 to 779,000 lots while positions grew 1,914 to 305,000.
Spot nickel supply heads for tightness and this will help to stabilize nickel prices. SHFE 1601 nickel should try to grow this evening.