SHANGHAI, Oct. 11 (SMM) – On Monday’s night trading, SHFE 1701 nickel started at RMB 81,470/mt and then soared to above all moving averages with rising LME nickel. The contract fluctuated between RMB 82,300-82,800/mt and closed at RMB 82,400/mt.
On Tuesday, SHFE 1701 nickel opened at RMB 82,350/mt and dived to the 5-day moving average. But the contract then regained the previous lost ground. During the afternoon business, SHFE 1791 nickel remained upward momentum and finally closed at RMB 82,840/mt, up 2.16%. Trading volumes rose 276,000 to 560,000 lots and positions increased 26,000 to 491,000. Chinese yuan kept depreciating on Tuesday and Chinese economy met downward pressure. Crude oil hovered at highs and US dollar rose slightly. Philippine government will cancel environmental permit of one nickel ore producer but this will not make substantial impact for the moment.
SHFE 1701 nickel is expected to fluctuate above the 10-day moving average on Tuesday’s night trading with weakening upward momentum.
