SHANGHAI, Jul. 11 (SMM) – SHFE 1609 nickel hovered between RMB 77,000-78,000/mt after opening last Friday’s night session at RMB 77,510/mt. The contract ended the session at RMB 77,300/mt.
SHFE 1609 nickel started at RMB 77,400/mt on Monday and broke through the 5-day moving average after stabilizing at the 10-day moving average. In the afternoon business, the contract grew to RMB 79,830/mt and closed up 3.16% at RMB 79,300/mt. Trading volumes slipped 140,000 to 1.19 million lots and positions were up 8,434 to 472,000.
SHFE nickel prices grew further today following losses with a large amount of capitals flowing into commodity market. SHFE 1609 nickel should fluctuate above the 5-day moving average tonight.