SHANGHAI, Dec. 18 (SMM) – SHFE 1605 nickel shifted to the most active contract on Thursday night and moved between RMB 69,800-70,200/mt, to end at RMB 69,900/mt.
SHFE 1606 nickel opened at RMB 69,930/mt on Friday and hovered between RMB 69,900-70,150/mt. The contract rallied due to news of stockpiling on Chinese copper market and closed at RMB 70,500/mt, growing 0.97%. Trading volumes were up 13,518 to 524,000 lots and positions were up 21,156 to 315,000.
SHFE 1605 lead will likely open higher this evening owing to the stockpiling news but later may fall back.