SHANGHAI, Sept. 29 (SMM) – On Wednesday’s night trading, SHFE 1701 nickel opened at RMB 81,920/mt and then rose. The contract later fluctuated in a small range after giving back some earlier gains and closed at RMB 82,350/mt.
On Thursday, SHFE 1701 nickel started at RMB 82,400/mt and then advanced to RMB 83,610/mt, thanks to soaring crude oil. Then contract later stabilized after giving up some previous gains. During the afternoon business, SHFE 1701 nickel rose slightly but then dived below the 5-day moving average to RMB 81,570/mt, hurt by leaving of longs. The contract finally closed at RMB 81,860/mt, down 0.28%. Trading volumes reduced 42,000 to 683,000 lots and positions fell 16,000 to 493,000. Market players took a wait-and-see stance, considering uncertainties from closing news of nickel mines in Philippines and macroeconomic figures to be released during China’s National Day Holiday during October 1-7.
Eyes should be on final reading of US annualized seasonal GDP in Q2 and US pending home sales index in August tonight. SHFE 1701 nickel should remain fluctuating at current prices for the near future.