SHFE Nickel Prices Up 2.14% (2016-9-20)

SHANGHAI, Sept. 20 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened at RMB 79,100/mt and fluctuated after a slight rise due to positive news from Philippines. The contract broke through the 10-day moving average and soared to RMB 80,420/mt before ending at RMB 80,170/mt.

On Tuesday, SHFE 1701 nickel started at RMB 80,070/mt and rallied after a slight decline. The contract closed mid-day trading at RMB 80,310/mt. During the afternoon business, SHFE 1701 nickel advanced to RMB 80,700/mt but met resistance at the 60-day moving average before closing at RMB 80,610/mt, up 2.14%. Trading volumes were up 285,000 to 542,000 lots and positions were down 5,600 to 507,000.

Base metals may rise with falling US dollar index. SHFE 1701 nickel should find support at the 10-day moving average on Tuesday night.