SHFE Nickel Prices Up 3.52% (2016-11-22)

Price Review & Forecast 05:27:35PM Nov 22, 2016 Source:SMM

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.

Key Words:  SHFE nickel  LME nickel  nickel prices 

SHFE Nickel Prices Up 3.52% (2016-11-22)

Price Review & Forecast 05:27:35PM Nov 22, 2016 Source:SMM

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.

Key Words:  SHFE nickel  LME nickel  nickel prices