SHANGHAI, Sept. 8 (SMM) – On Wednesday’s night trading, SHFE 1701 nickel opened higher at RMB 81,150/mt and then hovered at highs, climbing to RMB 81,420/mt. The contract later fell back but rebounded at the tail of trading before ending at RMB 81,050/mt.
On Thursday, SHFE 1701 nickel started at RMB 81,030/mt and then dropped before rallying with support at the 5-day moving average. During the afternoon business, SHFE 1701 nickel gave up previous gains after a small rise and ended at RMB 80,980/mt, up 0.17%.The 6-day rising streak of SHFE 1701 nickel came to an end but the contract still remained upward momentum on Thursday. Trading volumes reduced 86,000 to 447,000 lots and positions rose 4,632 to 542,000.
Crude oil should remain increasing due to output freeze support from Iraq's State Oil Marketing Organization. And this will help SHFE 1701 nickel find support at the 5-day moving average on Thursday’s night trading.