SHANGHAI, Aug. 10 (SMM) – On Tuesday’s night trading, SHFE 1701 nickel opened lower at RMB 83,450/mt and dived below the 5-day moving average to RMB 83,130/mt. The contract later regained the lost ground and advanced to a high level of RMB 84,440/mt before ending at RMB 84,310/mt.
On Wednesday, SHFE 1701 nickel started at RMB 84,340/mt and widely ranged RMB 83,700-84,400/mt and closed the mid-day trading at RMB 83,770/mt. During the afternoon business, SHFE 1701 nickel dipped below the 5-day moving average with shorts gathering strength before closing at RMB 84,190/mt, up 0.14%. Trading volumes rose 38,000 to 747,000 lots and positions increased 6,240 to 575,000.
SHFE 1701 nickel should fluctuate at RMB 83,600-84,800/mt tonight with downward slowed down.