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.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
