SHANGHAI, Sept. 14(SMM) – SHFE 1601 nickel opened last Friday evening session at RMB 79,100/mt and rebounded following a fall as Jinchuan Group undertook maintenance. The contract finally closed at RMB 79,360/mt.
SHFE 1601 nickel started at RMB 79,200/mt during Monday trading session. Jinchuan Group undertook maintenance in Sept. but only 3,000-4,000 mt of nickel production will be cut, which posed limited influence on market. As such, SHFE nickel fell back following a rise with a slid in Shanghai Composite Index, to end at RMB 78,260/mt, losing 1.45%. Trading volumes dropped 358,000 to 1.06 million lots but positions fell 4,530 to 241,000.
SHFE 1601 nickel is expected to test support at moving average this evening with a drop in LME and SHFE nickel prices.