SHANGHAI, Nov. 4 (SMM) – On Thursday’s night trading, SHFE 1701 nickel opened higher at RMB 83,500/mt with LME nickel and then climbed to RMB 84,090/mt briefly. The contract later dropped and finally closed at RMB 83,440/mt.
On Friday, SHFE 1701 nickel started at RMB 83,550/mt and then fell to RMB 82,800/mt before regaining some lost ground. During the afternoon trading, SHFE 1701 nickel declined after a brief rebound and finally ended at RMB 82,920/mt, up 0.07%. Trading volumes rose sharply by 168,000 to 543,000 lots and positions fell 5,874 to 493,000. According to the latest poll, Trump’s support was almost equal to Hillary’s level in pivotal states. US dollar index thus fluctuated at lows on Friday.
Eyes should be on US nonfarm payroll report on Friday’s night trading and SHFE 1701 nickel is predicted to keep trading at around the 5-day moving average.