SHANGHAI, Nov. 8 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened at RMB 87,930/mt and then dipped to RMB 87,060/mt before fluctuating at around the moving average. The contract hit a new high at RMB 88,960/mt at the tail of trading and finally closed at RMB 88,820/mt.
On Tuesday, SHFE 1701 nickel started at RMB 89,080/mt and then ranged between RMB 88,500-89,700/mt. SHFE 1701 nickel rose again during the second trading hours. China’s three futures exchanges raised trading feeson Monday. Ferrous metals growth narrowed only in an hour after opening and thermal coal dropped to its daily downward limit in afternoon trading. During the afternoon trading, SHFE 1701 nickel advanced to RMB 90,860/mt and then showed V-shape movement. The contract rallied after touching the moving average and finally closed at RMB 89,890/mt, up 4.66%. Trading volumes were up 39,000 to 1.1 million lots and positions were down 19,000 to 511,000. SHFE 1701 nickel hit the highest level since July 3 2015 on Monday.
SHFE 1701 nickel is expected to hover at highs as market caution is growing with falling market preference and the upcoming US presidential election.