SHANGHAI, Aug. 22 (SMM) – On last Friday’s night trading, SHFE 1701 nickel opened at RMB 81,400/mt and then ranged between RMB 81,100-81,500/mt. The contract later soared to RMB 82,110/mt and closed at RMB 81,830/mt.
On Monday, SHFE 1701 nickel started at RMB 81,780/mt and then gave up all earlier gains with resistance at the 40-day moving average. During the afternoon business, SHFE 1701 nickel plunged to a session-low of RMB 80,500/mt with opening position by shorts and ended at RMB 80,590/mt, down 1%. Trading volumes decreased significantly by 105,000 to 603,000 lots and positions rose 6,780 to 622,000. US dollar rebounded and crude oil gave up earlier gains. As such, SHFE 1701 nickel dropped below the 40-day moving average today.
SHFE 1701 nickel should maintain downward momentum tonight.
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