SHANGHAI, May 8 (SMM) – SHFE 1709 nickel opened at RMB 76,710/mt today, and stabilized around RMB 75,330/mt. In the afternoon, SHFE 1709 nickel met resistance from RMB 76,350/mt, and closed at RMB 75,730/mt, up RMB 290/mt or 0.38%.
Trading volumes on SHFE 1709 nickel increased 58,400 to 516,000, and positions decreased 19,200 to 576,000. China’s import and export data in April fell sharply. Positive news has been totally released after French presidential election. If US April LMCI turns out to be upbeat, the US dollar will receive a boost. SHFE nickel is expected to hover at lows this evening.