SHFE Nickel Prices Up 0.33% (2016-10-17)

SHANGHAI, Oct. 17 (SMM) – On last Friday’s night trading, SHFE 1701 nickel started at RMB 81,700/mt and stabilized above the 5 and 10-day moving averages. The contract finally closed at RMB 82,220/mt.

On Monday, SHFE 1701 nickel opened at RMB 82,190/mt and then dived below the 10-day moving average .The contract later rallied to above moving average to RMB 82,540/mt and then fluctuated. During the afternoon business, SHFE 1701 nickel fell below the 10-day moving average and finally ended at RMB 81,820/mt, up 0.33%. Trading volumes increased 151,000 to 653,000 lots and positions rose 10,000 to 497,000. The Shanghai B-Share Stock prices dipped on Monday, which may due to depreciation of Chinese yuan. And Chinese yuan should keep falling with strengthening odds of US’s interest rate hike.

Eyes should be on economic data, including Eurozone’s CPI on a yearly basis in September and US industrial and manufacturing production in September on Monday’s night trading. SHFE 1701 nickel will keep fluctuating at current price on Monday’s night trading.

Monday was the delivery date for SHFE 1610 nickel, with no trading reported, and the settlement price was unchanged at RMB 81,360/mt. Positions held unchanged at 336 and delivery volumes were 168 mt.