SHFE 1709 Nickel Finishes Higher (2017-6-16)

SHANGHAI, Jun. 16 (SMM) – SHFE 1709 nickel opened at RMB 73,210/mt today and reached RMB 74,100/mt. In the afternoon, SHFE 1709 nickel fluctuated in a RMB 73,400-73,900/mt range and closed at RMB 73,600/mt, up RMB 430/mt or 0.59%. Trading volumes on SHFE 1709 nickel decreased 35,000 to 321,000, and positions decreased 10,758 to 518,000. Jiangsu Delong restarted steel capacity last week’s end, and plans to produce about 60,000 mt of crude steel in June. Jiuquan I/S plans to partially resume #300 stainless steel production in mid-to-late June. SHFE nickel is expected to hover at highs this evening.