SHFE Nickel Prices Up 0.54% (2017-1-5)

SHANGHAI, Jan. 5 (SMM) – On Thursday, SHFE 1705 nickel opened at RMB 85,880/mt and then advanced to RMB 86,090/mt. The contract later fluctuated weakly above the RMB 85,200/mt after breaking through the 5-day moving average. During the afternoon trading, SHFE 1705 nickel remain range-bound trading and finally closed at RMB 85,250/mt, up 0.54%. Trading volumes reduced 114,000 to 419,000 lots and positions fell 5,000 to 557,000. During the afternoon trading, US dollar index dropped below 102 while Chinese yuan broke through 6.80.

SHFE 1705 nickel will be difficult to increase on Thursday’s night trading with lack of rising strength.