SHFE Nickel Closes with Gains (2016-8-9)

SHANGHAI, Aug. 9 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened at RMB 84,400/mt and rose to a high level of RMB 84,790/mt briefly before closing at RMB 84,170/mt.

On Tuesday, SHFE 1701 nickel started at RMB 84,190/mt and continued falling to the 5 and 10-day moving averages. The price later dived to a session-low of RMB 83,310/mt. And the contract closed the mid-day trading at RMB 84,000/mt  . During the afternoon business, SHFE 1701 nickel moved above the 5-day moving average before ending at RMB 83,790/mt, up 0.11%. Trading volumes were down by 64,000 to 710,000 lots and positions were up by 2,376 to 569,000.  

SHFE 1701 nickel is expected to fluctuate at RMB 83,400-84,800/mt on night trading with a support at the 5-day moving average.