SHANGHAI, Feb. 15 (SMM) – On Wednesday, SHFE 1705 nickel opened at RMB 89,420/mt and then climbed slightly before fluctuating above the moving average. During the afternoon trading, the contract remained range-bound trading, up to as high as RMB 90,200. SHFE 1705 nickel finally closed at RMB 89,810/mt, up 0.37%. Trading volumes were up 173,000 to 585,000 lots and positions were down 8,400 to 612,000.
SHFE 1705 nickel is expected to test support at the 60-day moving average on Wednesday’s night trading. Attention should be on US’s January CPI and Federal Reserve Chairwoman Yellen’s speech.