SHANGHAI, Dec. 29 (SMM) – SHFE 1605 nickel opened Monday trading session at RMB 68,030/mt and closed the session at RMB 68,180/mt.
SHFE nickel opened Tuesday trading session at RMB 68,180/mt and bounced back later due to position closing by shorts and opening by longs with rallies in LME lead. The contract closed at RMB 69,310/mt, up RMB 0.88%. Trading volumes grew 28,476 to 652,000 lots while positions reduced 14,476 to 463,000.
Little upside room is in sight for SHFE 1605 nickel as today’s gains are contributed mainly by exit of shorts.