SHANGHAI, Nov. 17 (SMM) – On Wednesday’s night trading, SHFE 1701 nickel opened at RMB 91,830/mt and then advanced to RMB 92,250/mt. The contract later fluctuated at around the moving average, down as low as RMB 90,980/mt, and rallied slightly. SHFE 1701 nickel finally closed at RMB 91,750/mt.
On Thursday, SHFE 1701 nickel started at RMB 91,750/mt and then rebounded after a slight decline. The contract later ranged between RMB 91,800-92,000/mt. SHFE 1701 nickel dived to RMB 90,870/mt during the second trading hours. During the afternoon trading, SHFE 1701 nickel climbed slightly and then dropped before ending at RMB 91,240/mt, down 0.39%. SHFE 1701 nickel fluctuated between the 5 and 10-day moving averages on Thursday. Trading volumes fell 100,000 to 580,000 lots and positions decreased 22,000 to 380,000.
SHFE 1701 nickel is expected to keep falling and test support at the 10-day moving average on Thursday’s night trading with negative technical indicators. Eyes should be on US Federal Reserve Chairwoman Yellen’s speech on Thursday’s night.