SHANGHAI, Nov. 22 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened higher at RMB 91,600/mt and then dropped to RMB 90,780/mt. The contract later rallied above the 10-day moving average to RMB 92,970/mt and finally closed at RMB 92,610/mt.
On Tuesday, SHFE 1701 nickel started at RMB 92,770/mt and then hovered between RMB 92,600-93,500/mt. During the afternoon trading, SHFE 1701 nickel climbed to RMB 94,450/mt and later stabilized after a slight decline. The contract finally ended at RMB 93,340/mt, up 3.52%. Trading volumes increased 5,000 to 565,000 lots and positions fell 15,000 to 342,000.
Support at the 10-day moving average of SHFE 1701 nickel will strengthen on Tuesday’s night trading with positive technical indicators. Attention should be on US existing home sales in October on Tuesday night.