SHFE Nickel Slips with Shorts Gathering Strength (Dec. 24, 2015)

SHANGHAI, Dec. 24 (SMM) – SHFE 1605 nickel sank to RMB 69,860/mt after opening Wednesday night session at RMB 70,180/mt. The contract later posted a rally and ended at RMB 70,210/mt. 

The May-delivery nickel on the SHFE started at RMB 70,240/mt and moved in a tight range. The contract slipped below all moving averages with position by shorts up 24,708 in only an hour, to end at RMB 69,390/mt, off 1.17%. Trading volumes grew 37,716 to 817,000 lots and positions were up 28,790 to 421,000.