SHFE Nickel Closes with Gains (2017-1-3)

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.