SHANGHAI, Nov. 1 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened at RMB 83,910/mt and then climbed to RMB 84,340/mt, the highest level since August 12. But the contract later dropped and stabilized at RMB 83,500-84,000/mt. SHFE 1701 nickel fell slightly to RMB 82,900/mt at the tail of trading and finally ended at RMB 83,130/mt.
On Tuesday, SHFE 1701 nickel started at RMB 83,120/mt and then declined to RMB 82,910/mt briefly. The contract later regained lost ground and stabilized at RMB 83,500-83,700/mt. During the afternoon trading, SHFE 1701 nickel fluctuated at RMB 83,500-83,900/mt and finally ended at RMB 83,560/mt, up 0.91%. Trading volumes fell 37,000 to 582,000 lots and positions reduced 22,000 to 522,000. SHFE 1701 nickel kept fluctuating on Tuesday after Monday night’s surge with lack of news.
Attention should be on US’s PMI in October and construction spending in September on Tuesday’s night trading. US Federal Reserve is not expected to hike interest rate on November’s meeting, which will be held on Tuesday’s night.