SHANGHAI, Nov. 2 (SMM) – On Tuesday’s night trading, SHFE 1701 nickel opened at RMB 83,410/mt and then rose slightly before stabilizing at around the moving average. The contract hit the highest level since August 12 at RMB 84,460/mt but later gave up previous gains. SHFE 1701 nickel finally closed at RMB 83,630/mt.
On Wednesday, SHFE 1701 nickel started at RMB 83,630/mt and dived below the 5-day moving average to RMB 81,800/mt after a brief fluctuation. Commodities fell across the board on Wednesday with market negative sentiment. During the afternoon trading, SHFE 1701 nickel stabilized at lows between the 5 and 20-day moving averages and finally ended at RMB 82,310/mt, down 1.54%. Trading volumes were up 94,000 to 676,000 lots and positions were down 23,000 to 499,000. Uncertainty of US presidential election has increased, raising market negative sentiment. On Wednesday, SHFE 1701 nickel gave up previous gains seen in early week.