SHANGHAI, Nov. 15 (SMM) – On Monday’s night trading, SHFE 1701 nickel started at RMB 91,340/mt and then ranged at around the moving average. The contract later dived to RMB 90,310/mt and rallied slightly before closing at RMB 91,190/mt.
On Tuesday, SHFE 1701 nickel opened at RMB 91,630/mt and then advanced to RMB 94,150/mt. The contract fell slightly with positions closing by longs. During the afternoon trading, ferrous metals dropped to their daily downward limits. SHFE 1701 nickel declined to RMB 89,510/mt, hurt by exit of longs, and finally closed at RMB 90,680/mt, down 2.53%. Trading volumes fell 648,000 to 870,000 lots and positions rose 4,610 to 404,000. SHFE 1701 nickel fluctuated between the 5 and 10-day moving averages on Tuesday. SHFE 1701 nickel is expected to keep downward momentum for the short term with negative technical indicators.
SHFE 1611 nickel, the quietly traded one, delivered on Tuesday. Trading volumes rose 24 to 72 lots and positions increased 60 to 756. The contract closed at RMB 92,510/mt on Tuesday, up 2.37%, with delivery volumes at 378 mt.