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SHFE Nickel Closes with Gains (2017-1-3)
Jan 3, 2017 19:55Source:SMM
SHFE 1705 nickel opened at RMB 85,560/mt and finally closed at RMB 86,010/mt.
SHANGHAI, Jan. 3 (SMM) – On Tuesday, SHFE 1705 nickel opened at RMB 85,560/mt and then dropped slightly to RMB 85,510/mt. The contract later rallied. China’s Caixin manufacturing PMI increased to 51.9 in December, the highest level since January 2013, a sign of faster expansion in manufacturing at year-end. During the afternoon trading, SHFE 1705 nickel advanced to RMB 87,050/mt and then surrendered previous gains with positions opening by shorts. The contract finally closed at RMB 86,010/mt.
SHFE 1705 nickel will test support at the 5-day moving average on Tuesday’s night trading with negative technical indicators.
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