SHANGHAI, Sept. 1 (SMM) – On the Wednesday’s night trading, SHFE 1701 nickel opened at RMB 78,000/mt. US dollar dropped after a slight rise, despite the stronger-than-expected US ADP employment data in July. Thus, SHFE 1701 nickel rose to above the 5-day moving average and then ranged between RMB 78,500-78,800/mt before closing at RMB 78,750/mt.
On Thursday, SHFE 1701 nickel started at RMB 78,720/mt. China’s official manufacturing PMI rose to 50.4, while Caixin manufacturing PMI dropped to 50, but was still positive, which supported base metals price. SHFE 1701 nickel stabilized above the 5-day moving average and then ranged between RMB 78,600-78,800/mt. During the afternoon business, SHFE 1701 nickel climbed to RMB 79,200/mt and ended at RMB 78,810/mt, up 0.55%. Trading volumes were up 97,000 to 531,000 lots and positions were down 10,000 to 577,000.
Eyes should be on US ISM manufacturing index in August tonight. SHFE 1701 nickel should fluctuate between the 5 and 60-day moving averages on Thursday night with technical indicators trending positive .