SHANGHAI, Aug.19 (SMM) – On Thursday’s night trading, SHFE 1701 nickel opened higher at RMB 81,530/mt and then ranged between RMB 81,350-81,750/mt before closing at RMB 81,500/mt.
On Friday, SHFE 1701 nickel started at RMB 81,500/mt and fluctuated between the 5 and 20-day moving averages during the morning session. During the afternoon business, SHFE 1701 nickel rebounded above the 5-day moving average after a slight drop and ended at RMB 81,540/mt, up 0.57%. Trading volumes reduced markedly by 236,000 to 498,000 lots and positions fell 4,970 to 615,000.
SHFE 1701 nickel should swing at lows tonight with negative technical indicators.
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