SHANGHAI, Nov. 3 (SMM) – On Wednesday, SHFE 1701 nickel opened higher at RMB 82,700/mt with rising LME nickel and then fluctuated between the 5 and 10-day moving averages. The contract finally ended at RMB 82,490/mt.
On Thursday, SHFE 1701 nickel started at RMB 82,450/mt and then increased before ranging at around the 5-day moving average. The contract climbed to above the 5-day moving average at the tail of mid-day trading. During the afternoon trading, SHFE 1701 nickel moved in a tight range above the 5-day moving average and finally closed at RMB 83,280/mt, up 0.07%. Trading volumes fell sharply by 300,000 to 376,000 lots and positions decreased 682 to 499,000. China's A-share market rose with increasing trading volumes on Thursday and US dollar weakened, helping base metals rise.
SHFE 1701 nickel is expected to keep hovering at highs on Thursday’s night trading.