SHANGHAI, Dec. 15 (SMM) – On Wednesday’s night trading, SHFE 1705 nickel opened at RMB 96,390/mt and then dived to RMB 94,640/mt with a large amount of positions closing by longs. The contract later regained previous lost ground and rallied to above the moving average before closing at RMB 96,120/mt.
On Thursday, SHFE 1705 nickel started at RMB 96,150/mt. US dollar index rose significantly and Chinese yuan dropped after US Federal Reserve hiked interest rate in December’s meeting. SHFE 1705 nickel advanced to RMB 97,140/mt and then dropped back below the moving average. During the afternoon trading, SHFE 1705 nickel ranged between RMB 96,000-96,400/mt and finally closed at RMB 96,130/mt, up 0.46%. Trading volumes reduced 38,000 to 764,000 lots and positions fell 8,400 to 532,000.
SHFE 1705 nickel will keep hovering at highs on Thursday’s night trading with strong support.
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