SHANGHAI, Nov. 9 (SMM) – On Tuesday’s night trading, SHFE 1701 nickel started at RMB 89,450/mt and then advanced to RMB 91,050/mt. The contract later dropped slightly and finally ended at RMB 90,160/mt.
On Wednesday, SHFE 1701 nickel opened at RMB 89,920/mt and then increased. As the releasing of US presidential election result, the contract dived to RMB 88,550/mt and later stabilized between RMB 89,300-89,700/mt. During the afternoon trading, Trump won the race. SHFE 1701 nickel soared to RMB 91,670/mt from highs before a slight decline and finally closed at RMB 90,840/mt, up 2.22%. Trading volumes rose 23,000 to 1.12 million lots and positions fell 4,548 to 507,000. Trump won the election and US dollar index thus weakened. Expectation of US interest rate hike in December’s meeting will decline.
SHFE 1701 nickel is predicted to keep hovering at highs for the nearing future.