SHANGHAI, Nov. 11 (SMM) –SHFE raised trading margins for aluminum, lead, zinc and tin on Thursday due to surging prices. Rising strength of base metals thus slowed down and some metals even dropped back, waning market bullish outlook. On Thursday’s night trading, SHFE 1701 nickel opened at RMB 95,800/mt and then dived below the moving average with falling LME nickel, down as low as RMB 93,010/mt. And the contract finally closed at RMB 93,450/mt.
On Friday, SHFE 1701 nickel started at RMB 93,410/mt and then swung between RMB 93,500-94,800/mt. During the afternoon trading, Trump team revealed policy framework, including infrastructure construction and easing banking supervision. SHFE 1701 nickel later advanced again to RMB 97,230/mt and finally closed at RMB 96,140/mt, up 2.77%. Trading volumes rose 64,000 to 1.1 million lots and positions fell 25,000 to 484,000.
SHFE 1701 nickel is expected to challenge RMB 100,000/mt on Friday’s night trading with positive technical indicators.