SHFE 1709 Nickel Closes with Big Gains (2017-4-28)

SHANGHAI, Apr. 28 (SMM) – SHFE 1709 nickel opened at RMB 78，570/mt today and then edged up as longs increased positions. Offshore yuan against the US dollar fell below 6.9, the lowest from April 12, driving up commodities.  SHFE 1709 nickel rose to RMB 79,680/mt. In the afternoon, SHFE 1709 nickel consolidated at highs and closed at RMB 79,300/mt, up RMB 1,360/mt or 1.74%.

Trading volumes on SHFE 1709 nickel increased 94,000 to 503,000, and positions increased 304 to 573,000. SHFE nickel to remain bullish after the May Day holiday as stainless steel plants slashed output.