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Home / Metal News / SHFE 1507 Nickel up 0.53% (May 26, 2015)

SHFE 1507 Nickel up 0.53% (May 26, 2015)

iconMay 26, 2015 17:55
Monday night, SHFE 1507 nickel opened at RMB 99,670/mt without LME nickel’s guide and then surged above RMB 100,000/mt to reach RMB 101,790/mt.

SHANGHAI, May 26 (SMM) – Monday night, SHFE 1507 nickel opened at RMB 99,670/mt without LME nickel’s guide and then surged above RMB 100,000/mt to reach RMB 101,790/mt. The metal ended up 2.02% at RMB 101,490/mt.

The July delivery nickel started higher at RMB 101,500/mt Tuesday and then fell back, sending Shanghai/LME nickel price ratio down. Later, the contract slipped fast on strong US dollar after rebounding modestly as support at RMB 100,000/mt emerged, to finish at RMB 100,010/mt, up 0.53%. Trading volumes were down 59,954 to 550,000 lots whereas positions rose 296 to 115,000.

SHFE 1507 nickel should drop further tonight in response to falling LME nickel prices as LME inventories grew over 8,000 mt.
 

nickel price
SHFE 1507 nickel price
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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