SHANGHAI, Oct. 25 (SMM) – On Monday, SHFE 1701 nickel started at RMB 80,200/mt and advanced slightly to RMB 80,700-80,900/mt. The contract rallied to above RMB 80,700/mt after a small decline. SHFE 1701 nickel finally closed at RMB 80,820/mt.
On Tuesday, SHFE 1701 nickel opened at RMB 80,820/mt and climbed to the 40-day moving average before closing mid-day trading at RMB 81,580/mt. Base metals rose to their daily upward limits across the board on Tuesday morning. Ferrous metals kept rising and SHFE 1701 nickel followed up. During the afternoon business, SHFE 1701 nickel advanced to RMB 81,960/mt but later declined below the 20-day moving average before ending at RMB 81,470/mt, up 2.07%. Trading volumes were up 120,000 to 584,000 lots and positions were down 5,376 to 513,000. European and US’s economy data were positive with improving manufacturing, pushing base metals up. Philippines’s nickel ore output and export will drop due to the upcoming of rainy season and this triggered expectation for tightening nickel supply. Nickel prices will thus increase further.
SHFE 1701 nickel is predicted to keep rising on Tuesday’s night trading.
