SHANGHAI, Nov. 18 (SMM) – On Thursday’s night trading, SHFE 1701 nickel started at RMB 91,490/mt and then advanced slightly to RMB 91,850/mt. The contract later fluctuated at around the moving average, with the 5-day moving average dropping below the 10-day moving average. SHFE 1701 nickel finally closed at RMB 91,210/mt.
On Friday, SHFE 1701 nickel opened at RMB 90,960/mt and then declined to RMB 89,800/mt before rallied slightly during the second trading hours. During the afternoon trading, SHFE 1701 nickel rebounded slightly after a brief decline and finally ended at RMB 90,720/mt, down 0.91%. Trading volumes fell 80,000 to 500,000 lots and positions decreased 10,000 to 370,000. Housing sales reduced significantly in 70 large and medium-cities in October, according to the first data of real estate released on Friday after the big regulation. Stainless steel entered into off-season recently with a small decline on prices, leading to falling trading in China’s market.
SHFE 1701 nickel will fluctuated weakly on Friday’s night trading with resistance at the moving averages and negative technical indicators.