SHANGHAI, Nov. 23 (SMM) – On Tuesday’s night trading, SHFE 1701 nickel opened at RMB 93,110/mt and then fluctuated at around the moving average. The contract once dropped below the 5 and 10-day moving averages to RMB 92,120/mt and later rallied to above the moving average before fluctuating. SHFE 1701 nickel finally closed at RMB 92,910/mt.
On Wednesday, SHFE 1701 nickel started at RMB 92,880/mt and then rebounded to above the 10-day moving average after a decline. The contract moved between RMB 92,800-93,100/mt. During the afternoon trading, SHFE 1701 nickel fluctuated at the moving average and finally ended at RMB 92,970/mt, up 0.33%. Trading volumes fell 260,000 to 396,000 lots and positions dropped 6,000 to 336,000. SHFE 1701 nickel stabilized above all moving averages on Wednesday with strong support.
Eyes should be on US economic data Wednesday night, including fresh reading of durable orders in October and new home sales.