SHFE Nickel Ends with Losses (2016-8-12)

SHANGHAI, Aug. 11 (SMM) – On Thursday’s night trading, SHFE 1701 nickel opened at RMB 83,300/mt and then ranged at RMB 83,200-83,800/mt before closing at RMB 83,590/mt.

On Friday, SHFE 1701 nickel started at RMB 83,650/mt and dropped below the 20-day moving average to a session-low of RMB 82,600/mt later. During the afternoon business, SHFE 1701 nickel kept weak after challenging the 20-day moving average. The contract rose above the 20-day moving average at the tail of trading and finally closed at RMB 83,100/mt, down 1.25%. Trading volumes were down 223,000 to 749,000 lots and positions were up 9,118 to 596,000.

SHFE 1701 nickel should test support at  the 20-day moving average tonight and ranged between RMB 82,500-83,600/mt with negative economic figures from China and poor technical indicators.