SHANGHAI, Nov. 29 (SMM) – On Monday’s night trading, SHFE 1701 nickel opened lower at RMB 96,850/mt and then fluctuated above the 5-day moving average. The contract finally closed at RMB 95,530/mt.
On Tuesday, SHFE 1701 nickel started at RMB 95,490/mt and then dropped to the 10-day moving average, hurt by positions closing by longs. During the afternoon trading, SHFE 1701 nickel fell to RMB 92,720/mt and then stabilized between RMB 93,200-93,800/mt. The contract finally ended at RMB 93,210/mt, down 2.84%. Trading volumes fell 10,000 to 510,000 lots and positions reduced 30,000 to 240,000. SHFE 1701 nickel surrendered previous gains as other base metals did on Tuesday.
SHFE 1701 nickel will test the 10-day moving average on Tuesday’s night trading.