SHANGHAI, Nov. 10 (SMM) – On Wednesday’s night trading, SHFE 1701 nickel started higher at RMB 92,000/mt with LME nickel and then climbed to RMB 93,980/mt. The contract gave up previous gains and later rallied slightly to RMB 92,600-93,500/mt before closing at RMB 93,500/mt.
On Thursday, SHFE 1701 nickel opened at RMB 93,530/mt and advanced to RMB 95,510/mt after a brief decline, approaching to its daily upward limit, but the contract dropped slightly with lack of rising strength. During the afternoon trading, SHFE 1701 nickel increased to its daily upward limit and finally closed at RMB 95,600/mt, up 6.0%. Trading volumes were down 810,000 to 1.04 million lots and positions were up 2,484 to 509,000. SHFE 1701 nickel has entered overbought territory while LME nickel will keep rising and test USD 12,000/mt.
SHFE 1701 nickel is expected to remain buoyant for the foreseeable future.