SHFE Nickel Closes Higher (2016-11-28)

SHANGHAI, Nov. 28 (SMM) – On last Friday’s night trading, SHFE 1701 nickel started at RMB 94,990/mt and then fluctuated at lows, down as low as RMB 94,120/mt. The contract later rallied slightly and finally ended at RMB 95,500/mt.

On Monday, SHFE 1701 nickel opened at RMB 95,700/mt and then briefly advanced to RMB 97,250/mt before falling. The contract later rallied. During the afternoon trading, SHFE 1701 nickel hovered above RMB 97,000/mt, up to as high as RMB 97,760/mt. The contract finally closed at RMB 97,610/mt, up 2.54%. Trading volumes fell 10,000 to 510,000 lots and positions dropped 10,000 to 270,000. Base metals increased across the board on Monday and SHFE 1701 lead and SHFE 1701 zinc increased to their daily upward limits.

SHFE 1701 nickel is predicted to hover above RMB 96,000/mt on Monday’s night trading with positive technical indicators.