SHANGHAI, Nov. 21 (SMM) – On last Friday’s night trading, SHFE 1701 nickel opened at RMB 90,720/mt and then dived to RMB 88,100/mt before testing support at the 20-day moving average. The contract finally closed at RMB 88,680/mt.
On Monday, SHFE 1701 nickel opened at RMB 88,850/mt and then regained Friday night’s lost ground. During the afternoon trading, SHFE 1701 nickel fluctuated between RMB 91,200-91,800/mt, up to as high as RMB 91,800/mt, and finally closed at RMB 91,330/mt, up 0.47%. Trading volumes were up 150,000 to 650,000 lots and positions were down 10,000 to 360,000. Most base metals rebounded on Monday and SHFE 1701 nickel fluctuated at around RMB 91,000/mt.
SHFE 1701 nickel is predicted to remain at highs with falling Chinese yuan, despite strong US dollar index and negative technical indicators.