SHANGHAI, Dec. 22 (SMM) – On Thursday, SHFE 1705 nickel opened at RMB 91,960/mt and then fluctuated narrowly between RMB 91,900-92,300/mt below the moving average before diving. During the afternoon trading, SHFE 1705 nickel fluctuated weakly and once dropped below RMB 90,000/mt to RMB 89,750/mt. The contract finally closed at RMB 90,120/mt, down 2.81%. Trading volumes increased 112,000 to 494,000 lots and trading volumes rose 16,000 to 557,000. SHFE 1705 nickel closed below the 60-day moving average on Thursday.
SHFE 1705 nickel is expected to test support at the 60-day moving average on Thursday’s night trading. If SHFE 1705 nickel drops below the 60-day moving average, it will keep moving weakly.