SHANGHAI, Sept. 13 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened at RMB 78,820/mt. US dollar moved lower and crude oil regained some previous lost ground because US Federal Reserve Governor delivered dovish comments on Monday night. SHFE 1701 nickel fell to RMB 78,680/mt and then rallied before ending at RMB 79,320/mt.
On Tuesday, SHFE 1701 nickel started at RMB 79,410/mt. SHFE 1701 nickel started to ralling after diving on Monday but dropped again due to big resistance. During the afternoon business, SHFE 1701 nickel declined and later rebounded before closing at RMB 79,310/mt, down 0.97%. Trading volumes reduced 203,000 to 416,000 lots and positions fell 7,970 to 517,000. Industrial added value at China’s above-scale enterprises in August and urban investment in fixed assets were both higher than expectations.China’s steel output reduced, and capacity reduction expectations at steel producers will also support steel price.
SHFE 1701 nickelwill lack rising strength on Tuesday’s night tradingdue to negative technical indicators.