SHANGHAI, Nov. 24 (SMM) – On Wednesday’s night trading, SHFE 1701 nickel opened at RMB 92,780/mt and then dropped after a slight rise. The contract later advanced to RMB 95,460/mt with rising LME nickel and finally closed at RMB 94,910/mt.
On Thursday, SHFE 1701 nickel started at RMB 95,010/mt and then remained rising momentum to RMB 96,660/mt. The contract later dropped slightly. During the afternoon trading, SHFE 1701 nickel moved weakly and finally ended at RMB 94,550/mt, up 1.82%. Trading volumes increased 430,000 to 830,000 lots and positions fell 20,000 to 310,000. Base metals kept increasing on Thursday, led by ferrous metals. Speculating investors dominated the market with falling Chinese yuan and expectation of inflation in US after Trump coming into power.
SHFE 1701 nickel is expected to stabilize above the 10-day moving average and will rise slightly for the nearing future.