SHANGHAI, Sept. 19 (SMM) – LME nickel dropped sharply during China’s Mid-Autumn Festival on September 15-17 and hit a new low since July 11. On Monday, SHFE 1701 nickel opened lower at RMB 77,990/mt. The contract then rallied to RMB 79,360/mt and touched the 5-day moving average, which regained last Wednesday’s losses. During the afternoon business, SHFE 1701 nickel fluctuated after declining slightly and closed at RMB 78,960/mt, up 0.53%. Trading volumes reduced 229,000 lots to 257,000 and positions fell 1,996 to 513,000.

On Monday, Chinese A-shares hovered at highs with falling trading volumes. SHFE 1701 nickel should keep fluctuating for the foreseeable future with bullishness on the first trading day after holiday.

Today is the last trading day for SHFE 1609 nickel. SHFE 1609 nickel started at RMB 76,810/mt today, and then fluctuated between RMB 77,460-77,750/mt after a slight rise. The contract closed at RMB 77,600/mt, up 0.61%. Trading volumes rose 312 to 58,224 lots and positions increased 336 to 2,832. The settlement price was RMB 77,559/mt with delivery volumes at 29,112 mt.