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SHFE Nickel Prices down 1.14% (2016-12-8)
Dec 8, 2016 17:54Source:SMM
SHFE 1705 nickel opened at RMB 94,890/mt and finally closed above the 5 and 10- day moving averages at RMB 95,110/mt, down 1.14%.
SHANGHAI, Dec. 8 (SMM) – On Wednesday’s night trading, SHFE 1705 nickel started at RMB 96,660/mt and then hovered at highs. The contract later dived to RMB 94,670/mt and finally ended at RMB 94,930/mt with support at the moving averages.
On Thursday, SHFE 1705 nickel opened at RMB 94,890/mt and then showed “V” shaped movement, down as low as RMB 94,360/mt. During the afternoon trading, SHFE 1705 nickel fluctuated below the moving average and finally closed above the 5 and 10- day moving averages at RMB 95,110/mt, down 1.14%. Trading volumes reduced 26,000 to 579,000 lots and positions rose 1,670 to 485,000.
SHFE 1705 nickel will test support at the 10-day moving average on Thursday’s night trading with negative technical indicators.
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